the oil market is in crisis and must be stabilized, believes several countries. But it is difficult for the world’s oil countries to meet and make a plan about a restriction of production.
In any case, the meeting between olieministrene in the Organization of the petroleum exporting Countries (OPEC, ed.) and other oil-exporting countries, with Russia, was set for Monday, has been postponed to Thursday. It writes the Finance.
the Conflict between Saudi Arabia and Russia is still existing, why there has not been agreement on to meet and come closer to an agreement.
Saudi Arabia has tried to get Russia and the rest of the oil-exporting countries of the organization of OPEC to agree to a reduction of oil production.
Russia has so far rejected.
Then Saudi-Arabia increased its production of oil, why both countries believe that the other is responsible for the that the oil market is suffering, and prices are falling, writes The New York Times.
And thus the drama continues and the uncertainty in the oil market some days yet, before the meeting, perhaps, will be current on Thursday.
the Demand for oil is far from desirable, since many aircraft, automobiles and other gasoline-powered appliances is to ask around the world due to coronaviruses.
however, There has not emerged a consensus between the oil countries on a reduction of oil production as a result of the corona-crisis. The market is therefore flooded with oil, which fall in the price of oil-countries.
for this reason, work is, as mentioned, to convene the world’s olielande to the above mentioned meeting, where countries must try to reach agreement on a limitation of production.
Also in Norway is ready to conclude an agreement on a restriction of production, wrote Bloomberg on Saturday.
the Price of oil has plummeted and dropped by 70 per cent. in the first quarter of 2020.
