OPEC Urges Oil Producers to Increase Investment amid Shrinking Spare Oil Capacity

Cornelia Mascio
Ottobre 18, 2018

"Having increased production by 1 million barrels per day by joint efforts, we hope to stabilize the market and show ourselves as responsible players creating stable and predictable rules in the oil sector in the interests of all - producers, consumers and investors", Novak said.

The journalist's disappearance has resulted in global pressure on Saudi Arabia, the world's largest oil exporter. Brent crude breached four year highs to reach $86.74 a barrel earlier this month, the highest since 2014.

The weaker outlook comes as pressure is increasing on the OPEC and its allies to pump more to offset the impact of looming USA sanctions on Iran and Venezuela's collapsing oil industry.

Oil prices have rallied this year on expectations that US sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer.

OPEC and its allies "are ready and willing to continue to make sure that the market remains well supplied".

Mr Trump has demanded that OPEC cool prices by pumping more oil.

Speaking at the India Energy Forum by CERAWeek, Barkindo said, "Our current view is that the market is now adequately supplied and well balanced".

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday joined the growing ranks of crude analysts who of late have offered conflicting views about the state of the global market - and in OPEC's case, earlier declarations that the market is well supplied have been replaced by warnings that global spare oil capacity is shrinking.

Barkindo, responding to a question whether producers needed to go beyond full delivery of the agreement, said they were taking it step by step.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE