Tag: Reduce oil production

OPEC Plus; Prospects of Renewed Cooperation to Raise Oil Prices

Strategic Council Online: The new OPEC Plus agreement was reached at a time when even zero sums was experienced in the market. From this perspective OPEC Plus countries have agreed to prevent a recurrence of such a situation, but as soon as they feel the conditions in the global oil market are back to normal, they may be tempted to violate the agreement. At the same time, the conditions for increasing demand do not seem to be stable and continuous, and it is possible that corona pandemic leave its impacts on the oil market again out of the need to impose quarantine and close part of its production and service activities.
Reza Majidzadeh – Researcher in Political and Economic Development

Reasons for OPEC’s Failure to Reduce production & Supply

Strategic Council Online: Russia’s creeping penetration in OPEC as a mate to OPEC and its non-cooperation with OPEC in its latest bid to avert further damage to member states shows that OPEC’s monopoly power in the oil market before being defeated by America’s growing power in production and extraction of Shale oil is struck by the double standards strategy and unilateralism of its members with non-member allies.

Reza Majidzadeh – Researcher in Political Economy of Development