President Organization of Petroleum Exporting Countries (OPEC) said on Wednesday that oil supply is not enough now and blamed companies for not investing enough.
“There is a rapid increase in demand and we have to respond“, the President pointed out, adding that they have to invest as quickly as possible so that supply can meet demand. He said that oil production has increased in recent months, but there is still a gap between the objectives and production.
“We need the commitment of all players in the oil market, including non-OPEC member nations and their allies, to increase oil supply“, he expressed. The president of OPEC expressed that there are no immediate solutions to high oil prices, and warned that although the members of the organization promised to invest more in the oil industry to increase production, this will take time.
Source: Fx Street
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