Members of the Organization of Petroleum Countries (OPEC) at a
meeting in Vienna on June 2 failed to show a unified stance to take
measures that would influence crude supplies and prices. They noted,
however, they were satisfied that prices had recovered after they
bottomed out earlier this year.
“[They] confirmed their commitment to a stable and balanced oil
market, with prices at levels that are suitable for both producers and
consumers,” an OPEC closing statement read.
On June 3, Brent traded at $50.12 a barrel for August deliveries
while its US counterpart West Texas Intermediate was at $49.21 a barrel.
Declining US oil helped Brent maintain its $50-plus level despite the
OPEC’s failure to agree a day earlier.
At their meeting on June 2, OPEC members decided to appoint former
Group Managing Director of the Nigerian National Petroleum Corporation
Mohammed Barkindo as the new secretary-general of the organisation
starting from August 1.
According to the newly elected head of the organisation, OPEC intends
to continue strengthening cooperation with non-cartel oil producing
states, especially Russia.
“We intend to strengthen our relations with non-OPEC and particularly
Russia. I think there is a consensus among ministers at the conference
that the dialogue and cooperation between us and the non-popes community
is to be strengthened. That would be one of the priorities to go
forward,” Sputnik quoted Barkindo as telling reporters.
The issue of introduction country oil output quotas for OPEC should certainly be discussed, he said.
https://www.neweurope.eu/article/opec-not-unified-oil-supplies-prices/