As Oil Producers Meet, Agreement Looks Strained

As Oil Producers Meet, Agreement Looks Strained

When oil producers meet Monday, their alliance will look frayed, showing just how tough their goal of stabilizing the world oil market has been, analysts say.

There is much focus on the meeting of the five-member Joint Ministerial Monitoring Committee, set up to oversee compliance of the deal struck by OPEC, Russia and others as an effort to boost world oil prices, CNBC reported.

Analysts say the committee will likely recommend maintaining the policy of holding back output at current levels, but efforts will be made to bring Nigeria and Libya into the framework because of the recent unexpected return of their production.

"Clearly, OPEC has a lot of cracks," said Francisco Blanch, head of commodities and derivatives strategy at Bank of America Merrill Lynch. The organization, he said “is certainly under a fair amount of pressure from members that feel they shouldn't be cutting production here. I think the meeting is going to be more routine than anything else. There will be some recommendations."

Short URL : https://goo.gl/z4V12b
  1. https://goo.gl/D5wzJF
  • https://goo.gl/eF79kX
  • https://goo.gl/XG15x6
  • https://goo.gl/4i6N91
  • https://goo.gl/niwE8z

You can also read ...

Russia Oil Minister, Zanganeh Discuss Cooperation in Moscow
Russian energy minister Alexander Novak discussed bilateral...
Oil Trading Listed on Iran Energy Exchange
Iran officially started spot oil trading on its energy...
OPEC: India Oil Demand Rising Rapidly
India’s oil demand is expected to rise by 5.8 million barrels...
Zanganeh: Sanctions Undermine International Oil Market
Inadequate supplies are posing serious challenges to the...
Concern Over Loss of Qom Salt Lake
Namak (Salt) Lake in Qom Province is drying up and if it is...
Iran Petrochem Export Revenue in 6 Months Reaches $6.3b
Petrochemical output reached 27.3 million tons in the first...

Add new comment

Read our comment policy before posting your viewpoints