At G20 energy ministers Khaled Al-Falih and Alexander Novak decided to form "common monitoring group" together with other producers in order to prevent price fluctuations. Even Iran would be willing to work together to increase the price of oil to $ 50-60. But no one seems to want to reduce production.
Hong Kong (AsiaNews) - The price of oil (WTI) is now at 44.94 per barrel and continues to oscillate, even if only slightly. Everyone expects that it may rise after Saudi Arabia and Russia - and later Iran - have promised to find an agreement.
On the sidelines of the G20 to Hangzhou (China), they decided to "act together" and cooperate on the global oil market, as stated in their statement. But remained silent on the possibility of reducing production. The declaration made public by the oil ministers Khaled Al-Falih and Russian Alexander Novak talks about the establishment of a "common monitoring group" together with other producers in order to prevent fluctuations in the prices.
OPEC (OPEC), which gathers 14 countries and produces about a third of the crude oil in the world, will have a meeting with Russia in Algiers later this month to discuss a possible reduction of production and raise in the price a barrel.
Even Iran seems willing to "support any decision to bring back stability to the oil market", as stated by Energy Minister Bijan Zanganeh. The minister also said that a price between 50 and 60 dollars a barrel would be a "desirable price”.
It must be said that even Zanganeh is not thinking of a reduction in production, indeed, for him, Iran should return to the production level it had before the international sanctions, in short to 4 million barrels a day.