28 Feb '16, 4pm

#peakoil Nigerian president tells Qatar’s ruler: Oil prices ‘totally unacceptable’: The OPEC cartel needs to t... https://t.co/5wxZJInyBE

Nigerian president tells Qatar’s ruler: Oil prices ‘totally unacceptable’ The OPEC cartel needs to take action to stabilize the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s biggest oil producer which earns around 90 percent of its foreign exchange earnings from crude oil exports, has been hit hard by the erosion of vital revenues caused by the global slump in oil prices which has also hammered its currency. “The current market situation in the oil industry is unsustainable and totally unacceptable,” Buhari told Qatar’s ruler during a meeting in Doha, his office said in a statement. Speaking on the second day of his visit, Buhari highlighted the need for cooperation between OPEC and non-OPEC producers. “We must cooperate both within and outside our respective organizations...

Full article: http://peakoil.com/publicpolicy/nigerian-president-tells-...

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