International Oil Prices Stabilized Because of OPEC

International Oil Prices Stabilized Because of OPEC

According to the May 13 issue of the Arab News, OPEC will meet in Vienna on May 25 to discuss with non-OPEC producers whether to extend the implementation of the cut-off agreement.

Saudi Energy and Industry Mineral Resources Minister Khalid. Failher said many times, to change the international crude oil market for many years the imbalance between supply and demand situation is still a long time, OPEC agreement is expected to be extended to the end of 2017 agreement.

With the expected increase in production cuts, coupled with the reduction of US crude oil reserves, the recent international oil prices are more stable: May 13 Brent crude oil futures price 50.73 US dollars / barrel, WTI crude oil futures price of 47.81 US dollars / barrel.

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