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/
