Saudi Arabia keeps pushing OPEC+ to increase oil output

0 5

FEED THE POOR

Feeding the poor and needy is an act that draws us closer to Allah. We earn His forgiveness, mercies and blessings through this act of charity.

“Anyone who looks after and works for a widow and a poor person is like a warrior fighting for Allah?s cause, or like a person who fasts during the day and prays all night. (Bukhari)

YOU MIGHT ALSO LIKE

Saudi Arabia has been encouraing members of the Organisation of the Petroleum Exporting Countries  (OPEC) and other producers such as Russia, known as OPEC+, to incerase output in the face of the coronavirus pandemic, the Financial Times reports on Wednesday.

According to report, Saudi Arabia plans to keep oil production steady despite a recent slump in prices, fearing any bigger output cuts would lead rivals in OPEC to fill the void.

By highlighting the country’s fear, the report says if it cuts output further to support prices, other countries will take advantage and produce greater amounts, jeopardising the unity of the OPEC+ group that enacted record supply cuts in April as demand collapsed.

According to the experts, global oil demand is still down by almost ten per cent year-on-year, as many economies are mired in recession and car and airline travel remain depressed.

In March, Russia and Saudi Arabia were locked in a price war, as a dispute over who was to blame for plunging prices of crude oil intensified. Both were set to cut production in efforts to protect the market, with Saudi Arabia alone set to cut output to 8.5 million barrels a day – the country’s lowest since 2011.

READ: Should Russia really declare an oil price war against the Middle East?

Support Islam Religion Guardian
At the present time, we are running on very limited funds. In order for us to run Islam Religion Guardian service efficiently, we are in need of your generous support.

Middle East Monitor

Subscribe to our newsletter
Sign up here to get the latest news, updates delivered directly to your inbox.
You can unsubscribe at any time

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy