Ahead of the OPEC-non-OPEC Joint Ministerial Monitoring Committee meeting tomorrow in Jeddah, Michael Burns, oil and gas partner at law firm at Ashurst, comments:
"So much has happened over the last few months that Friday's meeting in Jeddah is sure to have a lot of issues to consider.
Whilst the re-balancing objective of OPEC seems to have broadly been achieved, geopolitical and economic tensions such as the position surrounding Syria, the imposition of trade tariffs by the US and China, uncertainty about production in Venezuela, to name but a few, have had a significant impact on commodity price movements. These geopolitical and economic issues do not seem set to disappear any time soon.
It will be very interesting to see how the OPEC and non-OPEC teams react to those new tensions in the context of the existing agreement to curb production levels."
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