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OPEC: new proposals to boost oil production before December meeting
The Organization of Petroleum Exporting Countries (OPEC) has confirmed that producers at and outside OPEC are currently preparing proposals to boost oil production next year until the next ministerial meeting in December in response to a call by Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
"The market balance in 2019 requires plans and collective contributions from producers, consumers and all industry stakeholders," a recent report from the International Organization said.
He noted that "the importance of the next ministerial meeting of the production control committee in Abu Dhabi next month, which comes the week after the US sanctions on Iran and will face many important challenges to deal with changes in the market."
The report reiterated that OPEC will not shake its commitment to its primary objective of keeping the oil market stable, considering that this goal is an integral part of the interests of both producers and consumers.
The nature of the oil industry explained that it is often subject to factors that have a strong influence beyond the capacity of any stakeholders, noting that these factors are the risks and geopolitical events and natural disasters, along with other factors that have impacted the history of the oil industry for decades long.
He said that these events are unexpected and have huge repercussions on the market especially in recent years in which this trend has emerged sharply.
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