All the world’s oil reservoirs are overflowing, their reserves exceed three billion barrels. While OPEC has not yet made a decision on the possible time limit of fuel production. On Tuesday, September 27, announced the Secretary-General of the cartel Muhammad Barkindo, reports TASS.
“It’s still being discussed,” said Barkindo, answering the question of how long can be frozen production.
The Minister of energy of Venezuela, Eulochio del Pino believes that production can be limited at the level of August, it will remove from the market an extra million barrels of oil per day. Barkindo not commented on this information.
If at the informal meeting on September 28 will be a consensus, OPEC may convene an extraordinary meeting before the next scheduled session on November 30, the Agency reports citing a source.
Earlier on September 27, the Venezuelan Minister said about a possible fall in oil prices below $ 20 per barrel if the representatives of the oil producing countries will fail to agree on joint actions on the market. He also reported that an informal meeting of OPEC in Algeria will be held without the participation of Russia.
Meeting of the members of OPEC will be held on 28 September in Algeria. As expected, it will discuss the limits of oil production.
