On account of the oil demand is facing "contrary winds", OPEC needs to remain with the production reduction agreement held in 2016 between Russia, Saudi Arabia and other oil producers. According to the Secretary-General of the Organization of Petroleum Exporting Countries, Mohammad dekindo, low oil prices affected the sector and prevented investments, making the producers work in cooperation, in order to maintain the Stable market.
OPEC has closed an agreement with Saudi Arabia, Russia and allied producers to limit oil production from January 2017, with the aim of reducing excess production. However, in June of this year there were modifications and both parties promised a proper demand.
The price of oil is approximately US $72 per barrel, but according to the International Energy Agency the trend is that the value can be above us $80 per barrel if the producers do not counterbalance the lost offer of Iran and Venezuela. OPEC will participate in a meeting in Algeria to analyze the achievement of the production targets, and one possibility is to try to limit the extraction of oil in each country.
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