Oil producing country Confirmed policy to reduce production due to economic slowdown September 12th 23:24
Major oil-producing countries such as Saudi Arabia and Russia have confirmed their policy to cut production on a scale that exceeds the target in order to prevent a decline in crude oil prices, as voices concerned about the slowdown in the global economy are spreading.
The main member countries of OPEC = Oil Exporting Countries Organization, such as Saudi Arabia, and Russia held a meeting in UAE = United Arab Emirates on the 12th to examine whether the current crude oil production is appropriate.
Saudi Arabia and others have collaborated to reduce prices, but crude oil prices have been sluggish, and Saudi Arabia's Abdulaziz energy ministers who met after the meeting exceeded the target to stabilize the market We have confirmed that we have confirmed our policy of continuing production reductions throughout the year.
The oil-producing countries that participated said that there were a number of voices concerned about the slowdown of the global economy. is.
Iraq ’s Minister of Petroleum Gadovan said to NHK and other interviews, “Price drops have become a challenge for all oil-producing countries. Many of us depend on oil for the economy and must protect themselves.” A sense of crisis was revealed.
However, depending on where the Trump administration has continued with economic sanctions on Iran and others, the balance between supply and demand may be disrupted, and it is unclear whether the price will rise as the oil-producing countries aim.