Saturday , June 19 2021

Saudi Arabia to visit OPEC? The Minister of Energy does not deny it

Oil well in Bahrain. (20 January 2016)

Oil well in Bahrain. (20 January 2016)

| photo: AP

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The Saudi government believes that the Organization of Petroleum Exporting Countries (OPEC) will investigate the possible consequences of the possible decline in the world oil market. He quoted a government adviser who wrote in the Wall Street Journal last week.

The United States again imposed sanctions on Iran. Roaming is not deformed, Europe supports it

OPEC was founded in 1960. Currently there are six in the Middle East, seven in Africa and 15 in South America. Saudi Arabia has long been a dominant force in the organization that accounts for around one third of the total oil production.

According to German Deutsche Welle, in the Middle East, the status quo in the global oil industry is revised. The reason for this is the sharp increase in oil production in the United States over the past decade and pressure on Saudi Arabia after the death of journalist Jamal Hashogi.

OPEC regulates oil production throughout the year to control global prices. Members of the OPEC, like Saudi Arabia, say long ago that the organization would help to avoid too high or low oil prices. However, according to critics, OPEC uses major oil consumers like the United States. Permanent critics will include US President Donald Trump.

Decrease plan delivery

The Minister of Energy of the Czech Republic has denied all the expectations of the OPEC on Sunday. "Saudi Arabia is not planning to split into OPEC," Halid Falih said. Said the Group would remain a global oil bank for a long time.

Over the next two years, markets will have a deficit of oil and prices will rise, experts say

Fahih also said that Saudi Arabia plans to reduce its oil supplies to the world market by half a million barrels per day compared to last month. Due to pressure from US President Donald Trump and other oil consumers this year, Iran has increased its mining output to one million barrels a day due to plans to restore US sanctions to Tehran this year.

The decline in any ore approved by OPEC also took over the Russian Energy Minister Alexander Novak. Together with the Khalif, he co-ordinated oil production on Sunday in meetings of OPEC and other mining countries.

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