Global oil markets are sending the wrong signal by treating the latest attacks on commercial shipping in the Strait of Hormuz as a contained geopolitical incident rather than a potentially significant threat to energy supplies, warns the CEO of financial advisory giant deVere Group.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman reaffirmed their commitment to oil market stability. The seven producers agreed to maintain September’s required production levels for November and reiterated their commitment to full compliance with the Declaration of Cooperation.
Ministers from OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC) have reaffirmed their commitment to maintaining a stable oil market and highlighted the need to safeguard international maritime routes for uninterrupted energy supplies.
