28 February 2016, Lagos – The OPEC cartel needs to take action to stabilise the oil market because crude prices have fallen “totally unacceptable” levels, President Muhammadu Buhari said on Sunday.
President Muhammadu Buhari in a chat with the Emir of Qatar, Sheikh Tamim Bin Hammad Al-Thani at the Amiri Diwan (Emir’s Office) in Doha, Qatar.
“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.
Buhari also highlighted the need for cooperation between OPEC and non-OPEC producers, reports Reuters. “We must cooperate both within and outside our respective organisations to find a common ground to stabilise the market,” he said.