OPEC president Emmanuel Ibe Kachikwu said Tuesday that he expects an extraordinary meeting of the oil cartel in "early March" to address nosediving crude prices.

"We did say that if it (the price) hits the 35 (dollar per barrel), we will begin to look (at)... an extraordinary meeting," said Kachikwu, who is minister of state for petroleum resources in Nigeria.

The prices have hit levels that necessitate a meeting, he said.