According to the Algerian Minister of Oil, the oil prices around $50/b are unacceptable. During his visit to Iran. The minister told that oil prices should be at least between $50 and $60 per barrel. This statement was made during the discussion of the existing situation in the global market of crude oil as well as the ways and means to coordinate OPEC’s efforts to make the prices go higher, Market Leader reports.
He also said that this topic is going to be discussed during the forthcoming oil summit in Algeria.
According to Masterforex-V Academy, within the scope of this summit, the world’s biggest oil exporters are going to discuss the possibility of cutting their oil production in order to restore the market balance and consequently make the price go higher for their benefit.
It should be noted that the idea was initiated by Venezuela , Ecuador, and Kuwait, which are the oil nations that have been suffering from low oil prices most of all.
It should be noted that on September 2nd, oil prices came close to the psychological barrier of $50/b but failed to overcome it. WTI and Brent oil ended the trading week at 44,22 dollars and 46,63 dollars respectively. For now, it’s trading slightly higher but still below $50/b.
At the same time, Masterforex-V Academy experts say that OPEC is probably going to conduct unofficial negotiations off the stage during the summit in Algeria.
