OPEC+ to take into account trade wars when determining production levels
The impact of trade wars on global economic growth will be taken into account at the next meeting of OPEC and non-OPEC countries participating in the oil production cut agreement when they decide on production levels for the second half of 2019, according to OPEC’s June report.
According to the report, the observed slowdown in the global economy in the first half of 2019 may be an even bigger challenge in the second half of the year. The experts attribute this to increasing trade disputes adding that their impact on the growth in oil demand remains unclear, TASS reported.
At the upcoming meetings the ministers of OPEC and non-OPEC countries will carefully consider these factors in order to ensure further stability in the market, the report says.