The Organization of the Petroleum Exporting Countries voted to maintain its output limit, but ministers were upbeat crude markets around the globe are improving.
Iranian minister Bijan Zanganeh emphasized no tension surfaced during the convention, citing calmness and unity among member states.
However, disaccord between Saudi Arabia and Iran has remained due to their escalating competition. Global stockpiles are still at record levels. But supply disruptions in Canada and Nigeria, which helped glide oil prices higher, might be temporary.
Meanwhile, the OPEC appointed Nigeria’s Mohammed Sanusi Barkindo as its next secretary-general for the next three years. Barkindo will assume the post on August 1.
The material has been provided by InstaForex Company – www.instaforex.com