The Organisation of Petroleum Exporting Countries (Opec) vowed on Tuesday not to permit a relapse of the oil market downturn while key consumer India urged it to resist deepening production cut.
“We are determined not to allow a relapse of the downturn that we just navigated out of. We will do whatever is possible within the powers to ensure this relative stability is sustained beyond 2020,” Opec secretary general Mohammad Sanusi Barkindo told an industry conference.
Oil prices were trading around $59 a barrel on Tuesday, down about $10 from a month ago when a drone attack on a Saudi facility had briefly pushed prices above $70. Prices have since mostly traded around $60 as Saudi production has returned to normal and concerns have risen about global economic growth and oil demand.
“What we believe is currently driving the market is more to do with the demand side of the equation, not the supply, ” Barkindo said. Read More
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