OPEC and allies consider applying more production cuts
The measure is being evaluated by members of the organization due to weak demand growth in 2020
Iraq and Nigeria are among the nations that have not properly complied with the commitment to reduce crude oil supplies, according to an agreement forged to direct barrel prices in the international market agreed in OPEC.
For its part, according to sources in the block, Saudi Arabia – the largest oil producer in the world – said that before committing to more drastic reductions it wants to focus on improving cohesion to the agreement to reduce oil pumping along with Russia and others partners, in an alliance known as OPEC+.
The purpose of the western country is “to strengthen cooperation … and further support the stability of the oil markets,” according to statements by Saudi Energy Minister Prince Abdulaziz bin Salmán.
Another point duscussed by the block is the slowdown in global demand for crude oil that can lead to an increase in supplies next year from non-OPEC+ producers.
On Tuesday, oil prices extended profits after the report was released, placing US WTI crude at a high session of $ 54.54 a barrel.
K.Villarroel
Source: bancaynegocios
