The oil-producing countries united in OPEC and its partners must do more to balance supply and demand for oil. Global stocks are currently increasing and with that, further action by the cartel seems to be necessary. It’s a vision that the oil minister of the United Arab Emirates shared in his statement.
The oil ministers of OPEC and allies are meeting this weekend in Saudi Arabia. They decided earlier on a production limitation in order to support the prices. The question is whether such measures are also necessary in the second half of the year. Experts generally assume that the production limitation will be maintained until the end of this year.
US President Donald Trump recently again imposed severe sanctions on Iran that prevented oil exports. The problems in Venezuela and Libya and the crisis about contaminated Russian oil are also threatening to put production under pressure. The OPEC countries are careful not to open the taps too quickly.