OPEC: “All options” on the table to ensure market balance

25 Aug 2017   OPEC

OPEC monitoring committee says “all options” are on the table to ensure a market tilted toward the supply side returns to balance. Photo by alphaspirit/Shutterstock Aug. 24 (UPI) — A joint committee monitoring an OPEC-led effort to balance the markets said Thursday that “all options” are on the table to ensure a positive outcome. Members of a joint committee monitoring a deal implemented in January to prop up a market facing negative pressure from supply-side strains said the effort is working. In a statement , the committee said it “took note of the recent market development and expressed confidence that the oil market is moving in the right direction towards the objectives of the declaration of cooperation.” OPEC and non-member states like Russia agreed to sideline almost 2 million barrels per day in production in an effort to erase the surplus for the five-year average of global crude oil […]

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