Former OPEC chief Chakib Khelil says the upcoming meeting of the organization scheduled in Vienna later this month would be stormy due to geopolitical factors affecting oil output and pricing.
Khelil, also the former Algerian minister of energy, said in a statement, on Friday, that the forthcoming meeting “would be very difficult,” due to various factors such as US President Donald Trump’s opposition to raising oil prices and American sanctions on Iran.
The US curbs will lead to slashing Iran’s oil crude production by 300,000 to 500,000 barrels per day.
He also alluded to remarks by Russian President Vladimir Putin, saying that he favored that the oil price be set at USD 60 pb. Russia’s influence at the OPEC meeting will be tangible, Khalil said.
Moreover, concerns by India and China at high prices will also affect the deliberations at the session.
He also indicated at Saudi Arabia’s desire to keep the prices at USD 70-75 pb to tackle its budget deficit.
Source: Kuwait News Agency