Nigerian oil minister Emmanuel Ibe Kachikwu said he was “not ruffled” by the recent oil price decline and OPEC member nations needed to focus on their production costs, Reuters reports.
“OPEC needs to just focus on itself and focus on what it needs to do and forget what is happening in shale … Every OPEC producer must work hard to be a least-cost producer,” he said.
Oil prices were trading at $64.40 per barrel on Thursday, just over 9 percent below the highs this year above $71 per barrel reached in January.