OPEC Open to Increasing Membership

United Arab Emirates Minister for Energy Suhail al-Mazroui said Tuesday there is “definitely” an appetite for non-OPEC members to join the 14-member cartel.When asked whether the non-OPEC countries currently complying to the global supply cuts could eventually become official members of the cartel, al-Mazroui replied: “There is definitely a willingness and a wish to expand OPEC.””It would have been difficult to try to rebalance the market alone and so I think there is a rationale for this group to stay together… and maybe even expand,” he said at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC).

Source: OPEC may expand to include allied oil producers, UAE energy minister Suhail al-Mazroui says – CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.