In OPEC were against reduction of prices on oil

В ОПЕК выступили против снижения цен на нефть

Following the meeting in Algiers, the members of the Association, said about a healthy ratio of supply and demand of oil.

Members of the Organization of countries-exporters of oil (OPEC) and representatives are not members of the Union of States opposed measures aimed at reducing oil prices.

The participants of the meeting in Algiers said Sunday, September 23, in a joint statement.

Such a move will lead to lower prices because of increasing supply, I think the participants of the meeting. They highlighted the “healthy balance between supply and demand” in the oil market.

In the outcome document of the meeting noted that the ad hoc Committee “will study the forecast for 2019 and provide options for level of production next year, to avoid imbalance in the market.”

As stressed by the Minister of energy of Saudi Arabia Khalid bin Abdul Aziz al-Faleh, OPEC members “have demonstrated the presence of spare capacity, which they are willing to use” in case of increased demand or shortage in the market.

However, on the activities of the Association in 2019 too early to speak, said the Minister.

According to experts, the high price is partly due to the policy of trump’s in particular, US withdrawal from the nuclear agreement with Iran.

In 2016, OPEC members and a number of other States, not members of the organization, signed an agreement on the limitation of oil production, which also contributed to the rise in oil prices.

Source: Russian service of DW

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