Opec needs higher oil prices to meet fiscal obligations
Opec is expected to continue the policy of keeping market tight as several member countries need higher oil prices to meet fiscal obligations, analysts said. Opec (Organisation of the Petroleum Exporting Countries) as well as Russia are currently cutting production by 1.2 million barrels per day to rebalance oil markets and support oil prices. The deal which came into effect earlier this year will continue till the end of June when Opec meets for its annual meeting in Vienna. “The Opec+ group of producers’ recent meeting in Baku, Azerbaijan, left ...
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