Oil rose to a one-month high after OPEC said it was ready to talk with the other manufacturers in the world to achieve “fair prices.”
OPEC, responsible for about 40 percent of global supply, is ready to negotiate. OPEC will not agree to carry the burden alone to support prices by cutting supply. Countries that are not members will have to share the burden also, according to a report the group.
OPEC promote the supply because it aims to reach a larger market share. The group overjumped its target of 30 million barrels a day for a year, according to data compiled by Bloomberg. Top producer Saudi Arabia, OPEC pumped 10.57 million barrels a day in July, the most in the monthly data compiled by Bloomberg.
Likely to lead to negotiations between the organization and non-OPEC e small because there are many questions about the conditions. How much will I make? What prices satisfy manufacturers, especially important are the prices for countries with weak economies. There is a possible scenario of projected paths for energy investors continued glut in the market and reach a price of $ 20 a barrel.