New rules on the oil market
On October 19th OPEC secretary gave a speech at “Oil & Money conference” in London. The objective of the event was to restore balance and sustainability at the oil market.
The participants discussed the current situation of the oil market and emphasized on the importance of the recent Algiers Agreement taken by the Organization at the 170th (Extraordinary) Meeting of the OPEC Conference.
It was drawn that the Аgreement was caused by the fundamental factors of supply, in particular the high level of inventories accumulated in recent years against the background of oversupply, often happened due to the high cost regions.
In addition to these topics other important oil-producing market were raised, for example, the question of new technologies, the demand for oil, climate change, energy policy and many more.
OPEC secretary general also informed about the scheduled meeting with the countries outside of OPEC, which will take place on October 29 in Vienna. The purpose of this event will be to approval of the balance of oil production.
Triol Corporation as a leading manufacturer of oilfield equipment focuses primarily on the needs of customers and follows industry trends.
In the infographic below you can find out the information about how and by what OPEC has an impact on the oil companies.
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