After watching the price of crude oil collapse by more than 65% to a 12-year low, there are signs that the Organization of the Petroleum Exporting Countries may have had enough.
Nigeria's top oil official and OPEC President Emmanuel Kachikwu said the cartel is considering an emergency meeting, perhaps as soon as next month. At issue is whether OPEC would agree to cut production, a move that could help stop the crude price freefall.
When OPEC last met in Vienna in December, it was bitterly divided and refused to cut output. The next ordinary meeting is scheduled for June 2.
Led by Saudi Arabia, OPEC decided in 2014 to wage a price war with low-cost producers in the U.S. and elsewhere in a bid to defend market share.
Since then, oil companies have sacked hundreds of thousands of workers, and slashed investment budgets.
However, the global supply glut continues, thanks in part to China's slowing economy, and prices have continued to tumble. A strong dollar, which makes oil more expensive around the world, has fueled the slump.
Oil prices fell toward $30.00 U.S. a barrel early on Tuesday, having plunged by 16% in 2016 alone, but steadied later to trade little changed on the day.
It's noted that many OPEC countries are still making money at these prices while others are losing -- Nigeria's production costs are estimated at about $31.00 U.S. a barrel, for example.
And all, including Saudi Arabia, are suffering a huge squeeze on government revenues.
Kachikwu said most OPEC members were watching their economies "being shattered," and something had to give.
An emergency meeting is no guarantee that OPEC will act to restrain supply, however.
Iran is eager to boost production this year as soon as Western sanctions are lifted -- expected imminently -- and it's hard to see Saudi Arabia working with its big Mideast rival to support oil prices.
