The Organization of Petroleum Exporting Countries will not make new decisions concerning oil production
The Organization of Petroleum Exporting Countries will not make new decisions concerning oil production, oil ministers said on Saturday.
The ministers of the OPEC member states made the statement on the sidelines of an International Energy Forum which kicked off in the Qatari capital Doha on Saturday, according to the official Qatar News Agency.
The ministers believe that the global oil supply is currently balanced with the demand and that the oil cartel, trying its best to meet the demand of the international market, is not responsible for the recent oil price hike, said the report.
Senior managers of certain oil companies also brought up the need for transparency in financial laws and regulations relating to energy and access to necessary information on investment, it added.
Record oil prices, caused by both geopolitical risks and oil industry problems, are widely believed to pose a threat to both the economies of consumer nations and the future prospects of oil production of producer countries.
