Barkindo’s remark is coming a day before meeting allies, led by Russia, to discuss output levels for February.
Browsing: Organisation of the Petroleum Exporting Countries
The Organisation of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the U. S. and China to cool down oil prices and support the global economy by producing more crude.
Brent crude futures rose to $80.41 a barrel, by 11:12am EDT (1512 GMT).
Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 per cent from their last close.
Russian Energy Minister Alexander Novak made the announcement on Tuesday after falling slightly short in March.
He said Nigeria as a member of the Organisation of the Petroleum Exporting Countries, needed to develop renewable energy and help other businesses flourish to adjust to the reality of the dwindling significance of fossil fuels.
Wednesday’s focus will be on the U.S. government report to see whether it confirms the figures from the API, an industry group.
The sources said OPEC countries, including core Gulf members, are discussing internally whether an extension of nine months or longer is needed to give the market more time to rebalance
The producers noted that there was still room for improvement in oil prices, commending OPEC and other oil production countries
The Organisation of the Petroleum Exporting Countries is curbing its output by about 1.2 million barrels per day from January 1
The report on the organisation’s website did not give reasons for the difference of $0.47 drop
“This would imply a further build in global crude inventories, which currently stand at high levels,” OPEC said in reference to the market outlook for next year