OPEC is concerned by the drop in oil prices – trading near multi-year lows – and is ready to talk to other producers, an article in an OPEC publication issued on Monday said.
“Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC and its members — indeed for all stakeholders in the industry,” the commentary in the latest OPEC Bulletin said.
The Organization of the Petroleum Exporting Countries renewed its openness for dialogue with other producers. OPEC has refused to cut its own output without help from outside producers such as Russia, which have also declined to lower supply.
“OPEC, as always, will continue to do all in its power to create the right enabling environment for the oil market to achieve equilibrium with fair and reasonable prices.”
“As the Organization has stressed on numerous occasions, it stands ready to talk to all other producers. But this has to be on a level playing field. OPEC will protect its own interests.”