BAGHDAD, The economic affairs expert, Dhargam Mohamed Ali described the decision of the Organization of Petroleum Exporting Countries (OPEC) to maintain current production levels / logical/ in the current balanced market situation.
"The stable prices of oil are currently fair in light of the average current production and extraction costs, in addition to the suffering of producing countries from the deterioration of previous prices, which makes them more concerned about the stability of the market," Ali said in a statement to the National Iraqi News Agency.
He added that "the US president's signals to specific countries to reduce prices, did not find a real resonance within the Organization because of the adherence of its members to current prices of the barrel, which is still about 40 dollars below pre-crisis levels."
"The continuation of the policy of maintaining current export levels is a wise policy that protects the interests of all and does not harm anyone," he said.
The Organization of the Petroleum Exporting Countries (OPEC) and its independent producers, including Russia, concluded a meeting in Algeria on Sunday without an official recommendation for any further increase in oil supplies.
The producers agreed that the focus should be on reaching 100% compliance with the reduction of production, which was agreed at the OPEC meeting last July. "
Source: National Iraqi News Agency