OPEC Sees no Risks of Oil Shortages Amid Tense Situation in Middle East
The Organization of Petroleum Exporting Countries (OPEC) does not expect disruptions in supplies to the world oil market amid the aggravation of the situation in the Middle East and expects that further escalation of the conflict in the region will be avoided, the Minister of Energy of the UAE, Suhail Mohammed Faraj Al Mazroui told reporters, TASS reports.
The situation in the Middle East, the largest oil-producing region in the world, was destabilized after General Qasem Soleimani, the commander of the special forces of Al-Quds of the Islamic Revolutionary Guard Corps (IRGC), was killed during the US Army operation. Iran promised to answer for the General’s death. Brent oil quotes are growing amid the conflict and are at about $ 70 per barrel.
He also said that participants in the OPEC + format do not plan to meet for an extraordinary meeting because of the situation with Iran and the US.
Bloomberg also reported the words of OPEC Secretary General Mohammed Barkindo, who claims that oil production in Iraq has not been affected.
- Oil Falls After Saudi Arabia, Russia Delay Meeting At 0814 GMT, Brent was down $1.10, or 3.2%, at $33.01 a barrel. U.S. crude CLc1 were 84 cents, or 3%, lower at $27.50 a barrel, off a session low of $25.28.
- OPEC+ Talks May be Held Next Week "The meeting may take place next week. We have started communicating with countries on this issue," the source said, without specifying the format of negotiations.
- Trump Says Ready to Help end Saudi-Russian Oil-Price War The threat of a global recession triggered by the coronavirus pandemic had already hammered prices when Riyadh said last month it would raise exports after a production-cut agreement among top producers...
- WTI Oil Price Breaks $20 Barrier for First Time Since 2002 The oil prices continue to be rattled amid news on continuous increase of coronavirus cases around the world.
- Iraq Proposes Budget Cuts to Foreign Oil Firms After Oil Pice Crash Iraqi officials said low oil prices have forced the oil ministry to review its plans on how to repay international oil companies (IOCs) their dues during the first six months of the year. The ministry...
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