The Gulf members of the Organization of the Petroleum Exporting Countries (OPEC) plan to meet the oil market demand in case of a supply shortage, according to OPEC sources, Reuters reported.
“The question is how fast and by how much will OPEC raise output. This still needs to be done after consultations with other countries,” one source said.
The Gulf members’ decision came after the US announced to end waivers on Iranian oil importers, which resulted in increasing oil prices. Meanwhile, the eight countries that were given the waivers, including China and India, expected that those exemptions may be renewed.
The Gulf oil producers aim to achieve market stability, but any decision to increase output has to be measured depending on demand, the sources added.
On the same line of achieving market stability, Russia did not take its final decision on continuing the production cut agreement led by the OPEC.