OPEC to cap oil production if prices go under USD100| MENAFN.COM

Saturday, 25 June 2022 04:55 GMT

OPEC to cap oil production if prices go under USD100


(MENAFN) Rostam Qasemi, Oil Minister of Iran stated that in case oil prices went below the USD100 mark, an extraordinary meeting would be set for OPEC members, reported Tehran Times. On the other hand, Qasemi said that the possibility of oil prices going below USD100 is far fetched for the coming year. Qasemi elaborated saying that the extraordinary meeting would be held in order to lower production cap for OPEC members. It is worth mentioning that OPEC countries include Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.


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