Oil backs up and worries OPEC and investors

Oil prices have ended the fall session, this Week, and investors are afraid about the negative prospect for the Overall growth of the economy, which tends to decrease demand for the commodity. According to Reuters, due to concerns with poor growth in 2020, the OPEP (Organization of Petroleum Exporting Countries) and its allies should consider The possibility of deepening the cuts in the oil supply in the next Meeting in December.

The OPEC leader, Saudi Arabia, said that the first will focus on increasing adherence to the group’s production reduction pact with the And other non-members (OPEC +), before committing to more cuts.

Arabia and other producers in the Gulf of OPEC have provided More than their share of the promised cuts to stabilize the market and Prevent prices from falling. “The Saudis want to prevent the prices of the Oil fall. But now they want to ensure that countries like Nigeria and Iraq reach 100% compliance first, as promised, “said a Source of OPEC.

The current production pact between the organization and its allies To support the market and cut 1.2 million barrels per day goes through March 2020. The producers gather to revise the policy on days 5 and 6 of December.

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