Some members of the Organization of Petroleum Exporting Countries plan to meet with other producers in Russia around March 20 for new talks on an oil output freeze, Nigeria’s petroleum minister said on Thursday.
“We’re beginning to see the price of crude inch up very slowly. But if the meeting that we’re scheduling, it should happen in Russia, between the OPEC and non-OPEC producers happen about March 20, we should see some dramatic price movement,” he told a conference in Abuja.
“Both the Saudis and the Russians, everybody is coming back to the table,” he said. “I think we’re very humbled today to accept that if we get to a price of $50, it will be celebrated. That’s a target that we have.”
Benchmark Brent futures were around $37 per barrel at 1215 GMT on Thursday.