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According to foreign media, Secretary-General Barkindu said that if the informal meeting is held next week A formal meeting will be held if the major oil-producing countries can reach a consensus. But what is the point of such a production freeze when production in various countries is reaching record highs?
According to Algerian official media reports, OPEC Secretary-General Barkindo said that if oil-producing countries can reach a consensus on the oil market at an informal meeting to be held in Algeria next week, it will be held in the future. A formal meeting.
After meeting with the Algerian Oil Minister on Sunday, Barkindo said he was "optimistic" about the upcoming informal meeting. It was reported that Barkindo had said the day before that next week's meeting would be "consultation rather than decision-making" and would not agree to cut production like the meeting held in Oran, Algeria in 2018.
It has been two years since the decision to eliminate the global oil supply glut by hitting competitors with low oil prices, but market supply and demand have not returned to balance. Oil prices are still below US dollars per barrel. Next week's meeting will include informal talks with rival Russia, sparking speculation that oil producers will reach an agreement to freeze output to support oil prices.
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In 2016, under the leadership of Saudi Arabia, member states were allowed to extract as much oil as possible to protect the market and combat competitors the United States and Russia. Subsequently, oil prices plummeted from more than US$1.00 to less than US$1.7 billion in this month. The U.S. dollar is at year-low levels. At the Doha Conference held in March, Iran refused to participate in the production freeze, resulting in no agreement with Russia.
Last month, Saudi Energy Minister Khalid al-Falih said that Saudi Arabia was willing to discuss a production freeze but that he "does not believe that major intervention is necessary and does not support production cuts." Iran insists that it will only be willing to participate in the production freeze if its production returns to the level before it was hit by international sanctions in 2018.
Although the production freeze discussion may boost oil prices, the outcome of the meeting is likely to be insignificant because what he did is the opposite of the production freeze.
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