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OPEC says it has stabilized the oil market and calls on the United States to trust its actions

 Last Update: 2023-03-03
 Source: Internet
 Author: User

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Key OPEC members say oil prices would be more volatile if it were not for the group's strategy, and the United States must believe what it is doing, while major importers are increasingly calling for higher output
.

Saudi Arabian Energy Minister Abdulaziz bin Salman told a conference in Dubai on Tuesday that if OPEC+ were absent and non-existent, today's volatility would have been even greater
.

His comments were echoed by the UAE, where OPEC+, including Russia, is preparing to meet on Thursday to decide on production levels
for May.
So far, members have made it clear that they do not believe that even if oil prices rise to $110 a barrel after the Russia-Ukraine conflict, they will not need to adjust their supply plans
.

OPEC and its partners have resisted calls from the United States, Japan and Europe to accelerate production increases
.

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