Oil price today dropped to as low as $30.4/barrel and rumors started surfacing that OPEC might hold an emergency meeting over the group's strategy to reign over oil price. Lower oil price is also creating panic in stock market as lot of companies both in US and outside largely exposed to oil price and they might have to file for bankruptcy protection.

According to Reuters, officials of Nigeria have said that couple of OPEC members have requested an emergency gathering to discuss over continuing price rout in oil, which is just shy of dropping to multi-decade low. According to Mr. Kachikwu, Nigeria oil minister, Saudi Arabia in principle open to such meetings. However he didn't reveal the names of the countries, requesting for emergency hearing.

The cartel, which produces almost 30% of global crude remains dysfunctional, largely due to Saudi-Iran rivalry. So any resolution from emergency meeting, if held, unlikely.

Moreover, many countries such as United Arab Emirates believe that the strategy to drive high cost producers from the market is working but needs more time at least another 12-18 months.

Brent is now trading at $31.6/barrel.