The oil producers of OPEC (Organization of Petroleum Exporting Countries) will meet in June to discuss if they will increase fuel production. The decision took place in a meeting between the organization's ministers and allies, including Russia, on Sunday (19), in Jeddah, Saudi Arabia. The meeting was chaired by Khalid A. Al-Falih, Minister of Energy of the Saudi country.
Countries began to reduce their production in January to make the price of oil rise. The strategy had positive effects, with a significant increase mainly in April, when the United States announced the application of stricter sanctions to Iran. This reduction will last at least until June.
At yesterday's meeting, the countries agreed to discuss whether they will increase production after the deadline. Meanwhile, the participants decided to observe the impacts that the political and commercial war between USA and Iran will cause in demand and supply in the market. Accordingly, the result of the meeting should not influence the current price of the oil barrel.
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