The Organisation of Petroleum Exporting Countries ( OPEC) has intensified efforts to address the sharp plunge in the price of crude in international market, as the crash in basket of oil dropped from $100 per barrel to $83.37.
However, there are no obvious signs of panic emanating from the cartel.
Three OPEC major stakeholders namely; Saudi Arabia, Kuwait and Iran have also moved for the need for action to combat the price slide.
Saudi Oil minister Ali Naimi, in Kuwait for a regular meeting of Gulf Cooperation Energy ministers,expressed some calm over increase the increase stating that oil prices “always go up and down.”
