China Renewable Energy Policies Put Oil Market at Risk
China Renewable Energy Policies Put Oil Market at Risk OPEC and allies led by Russia postponed the meeting to Dec. 3 amid severe divisions. As of the writing time, the meeting remains inconclusive. The meeting aims to discuss a delay of 2-3 months to the production cuts set previously. Since oil prices soared before the meeting, some member countries called for a quick return to pre-cut oil production. They worried that further upsides would encourage the US shale production, which in turn would hamper oil. However, some other members threatened an exit to extend production cuts. These severe divisions forced a delay to the meeting.To get more news about WikiFX , you can visit wikifx official website. OPEC+ holds a fifty-fifty chance of achieving consensus in the meeting. Oil markets would receive substantial risks if the disagreement lasted till the end of the meeting, said some major banks. In late March and early April, oil prices crashed to -$40 as Saudi Arab...