anticipation President of the Organization of Petroleum Exporting Countries “OPEC”Bruno Jean Richard Eto’o, said that the price of a barrel of oil will soon cross the $100 barrier.
In an interview with “Al Arabiya” today, Thursday, Itowa confirmed that the producers will discuss their ability to increase production at the next meeting of OPEC.
The head of the organization stated that “OPEC”, “OPEC +” and producers from outside it are working together to maintain the stability of markets and prices, and they are doing everything in their power to achieve this, because high prices do not serve consumers or producers and do not benefit the global economy and affect global economic growth.
The head of the Organization of the Petroleum Exporting Countries, “OPEC”, said on Wednesday that there are no urgent solutions to deal with high oil prices.
Etowa, who is also Congo’s energy minister, added at an energy conference in Riyadh, that the oil supply now is not enough, and the oil companies are not investing enough, and we have to invest as quickly as possible so that the supply meets the demand.
He explained that there is a rapid rise in demand and we have to deal with that, and while oil production has increased during the past months, there is still a gap between targets and production, quoting Archyde.com.
This comes as US West Texas Intermediate crude fell $0.74, or 0.70%, to $92.81 a barrel, following losing more than 3% earlier in the session. It closed up 1.7% in the previous session.
Brent crude fell $0.85, or 0.9%, to $94.11, following it ended the previous day’s trading, up 1.6 percent.
