The Organization of the Petroleum Exporting Countries’ unwillingness to slash its oil output could lead to a longer period of low prices and burden the budget of its members, the International Energy Agency said.
IEA’s warning echoed criticism from within and outside the institution over their decision to keep the taps open, pressuring its rivals such as the United States.
OPEC members are badly affected by slumping oil prices and have agitated for production cutbacks to support them.
Oman’s oil minister Mohammed Bin Hamad Al Rumhy said production levels are irresponsible, aggravating already low oil prices.
Saudi Arabia previously implied it won’t allow changing the strategy, stipulating production cuts can’t affect the market like it used to before US output rallied.
The material has been provided by InstaForex Company – www.instaforex.com
The Organization of the Petroleum Exporting Countries’ unwillingness to slash its oil output could lead to a longer period of low prices and burden the budget of its members, the International Energy Agency said.
IEA’s warning echoed criticism from within and outside the institution over their decision to keep the taps open, pressuring its rivals such as the United States.
OPEC members are badly affected by slumping oil prices and have agitated for production cutbacks to support them.
Oman’s oil minister Mohammed Bin Hamad Al Rumhy said production levels are irresponsible, aggravating already low oil prices.
Saudi Arabia previously implied it won’t allow changing the strategy, stipulating production cuts can’t affect the market like it used to before US output rallied.
The material has been provided by InstaForex Company – www.instaforex.com
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