Falih said in an interview that the crude oil market is in the process of returning to equilibrium. Limiting crude oil production to 10,000 barrels per day can help the market recover quickly, which is a good thing for oil-producing countries and consumers.
The first production restriction agreement in 2019 was reached in Algiers on March 25. It plans to reduce the organization’s crude oil production to 10,000 barrels per day to 10,000 barrels per day. Currently, only Libya and Nigeria and Iran received exemptions from production cuts, as armed conflicts or economic sanctions have severely affected the crude oil production of these three countries.
Falih said that he remains optimistic about the Algiers Agreement and prays that U.S. crude oil production can be controlled and that various oil-producing countries can cooperate in reducing production.
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Baishan Weiye official website information-Oil prices will rebound strongly