OPEC May Meet To Discuss Demand

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The Organization of Petroleum Exporting Countries (OPEC) may meet to discuss oil demand issues amid continued civil unrest in the Middle East and North Africa and the nuclear crisis currently facing Japan, the world's third-largest oil importer. Nigeria's Foreign Minister Henry Odein Ajumogobia made the comments regarding a possible OPEC meeting.

Ajumogobia added that Japan's status as a leading oil consumer is likely to impact the oil market and therefore oil prices, according to Oil & Gas Journal. Analysts and industry experts have speculated this week that Japan may increase its consumption of coal and fuel oil to makeup for lost nuclear capacity.

''OPEC is currently maintaining its ceiling,'' Ajumogobia said, while noting that ''current events in North Africa will probably inform the decision as to where those ceilings will be increased,'' OGJ reported.

Nigeria vies with Angola for the top spot among Africa's oil producing nations. The country currently produces 2.5 million barrels of oil equivalent per day of which 1.8 million barrels are crude and the rest is condensates.