OPEC, allies agree not to further increase oil production

FAN Editor 6 years ago
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Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, right, and Mohammed Sanusi Barkindo, OPEC Secretary-General, left, speak during OPEC’s 10th meeting of the Joint Ministerial Committee to monitor the oil production reduction agreement of the Organization of the Petroleum Exporting Countries, OPEC, and non-OPEC members, in Algiers, Algeria, Sunday, Sept. 23, 2018. (AP Photo/Anis Belghoul)

A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump’s call for lower prices.

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Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russia.

The committee said in a statement that it was satisfied “regarding the current oil market outlook, with an overall healthy balance between supply and demand.”

Trump has been calling publicly for OPEC to help lower prices by producing more.

The price rise is notably caused by a recent drop in Iran’s supply because of U.S. sanctions.

OPEC and Russia have capped production since January 2017 to bolster prices. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply.

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