L
LequteMan
Guest
Nigeria's President Muhammadu Buhari on Sunday stated that the OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen to "totally unacceptable" levels.
"The current market situation in the oil industry is unsustainable and totally unacceptable," Buhari told Qatar's ruler during a meeting in Doha, the presidency said in a statement.
"We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market," said Buhari, who also discussed ways to stabilise prices with Saudi Arabia's King Salman in Riyadh last week.
Nigeria 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.
Reuters
"The current market situation in the oil industry is unsustainable and totally unacceptable," Buhari told Qatar's ruler during a meeting in Doha, the presidency said in a statement.
"We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market," said Buhari, who also discussed ways to stabilise prices with Saudi Arabia's King Salman in Riyadh last week.
Nigeria 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.
Reuters
