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Below $ 82: OPEC will try to stop the decline in oil prices

Ukraine (, - Expectation of a global recession and quarantine restrictions in China led to the fact that oil prices fell even more - to $ 81.5 per barrel. Iraq's representative to OPEC, Mohammed Saadoun Mohsin, said that at the upcoming meeting on December 4, OPEC and its partners will assess the situation in the oil market and the balance of supply and demand, as the organization seeks to stop the price decline. It is reported by Bloomberg on November 28.

According to the representative of Iraq, experts expect that oil prices next year will range from $85 to $95 per barrel, which is $5-7 less than this year. Iraq depends on energy prices, as more than 90% of government revenues come from oil sales.

Earlier, Iraqi Oil Minister Hayan Abdul Ghani and Saudi Energy Minister Abdulaziz bin Salman reaffirmed their commitment to the OPEC+ decisions: the parties reviewed the latest developments in global oil markets and stressed “the importance of working together under the OPEC+ Agreement and the commitment of both countries to the recent OPEC+ decision, which will be valid until the end of 2023 and approved by the member states (OPEC+)”.

Saudi Energy Minister Prince Abdulaziz bin Salman vehemently rejected plans to cut oil production, saying: “It is a known fact that OPEC+ does not discuss any decisions prior to their meetings. The current reduction in oil production by 2 million b/d will last until the end of 2023. And, if it is necessary to take further measures to reduce production in order to balance supply and demand, we will always be ready for this.”

Below $ 82: OPEC will try to stop the decline in oil prices