Faced with a global scenario of trade disputes, OPEP (Organization of Petroleum Exporting Countries) and a group of Middle Eastern producers are attempting to reverse the decline in oil prices. However, the implementation of this planning is raising doubts about the real influence of the organization in the offshore sector and its world trade.
While OPEC's participation in the global oil market has been declining with a value far below expectations, the United States has intensified oil production by threatening the organization's reign, producing more than double in the last decade to become the World's largest producer of fuel.
According to the CNBC channel "the U.S. shale industry has expanded so quickly that it threatens to overwhelm the efforts led by OPEC to mitigate demand concerns by flooding the global oil market."
In order to articulate new measures and analyse the stabilisation of oil markets, OPEC and OPEC + will meet next week on the 12th in Abu Dhabi. According to analysts at the RBC Capital Markets Bank, "the organization's challenge will be the demonstration that it still has the ability to change the directional dynamics of oil in a market consumed by concerns about the commercial war."
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