Secretary-General OPEC: Should crack down on speculation and tax cuts on finished petroleum products to lower oil prices

Ottawa, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), attended the Fourth Asia Energy Ministers Round Table Meeting in Kuwait on the 18th, saying that OPEC expressed concern that oil prices have continued to rise in the past few months. At the same time, the current international crude oil market has sufficient supply, and OPEC does not need to increase production.

Badi also said that the high oil value is concerned that the current risk premium is between $15 and $20. He built an instrument that should take measures to combat speculation and reduce oil prices by reducing taxes on manufactured goods.

He believes that although OPEC oil production and exports in Libya were affected by the turmoil in the OPEC countries, OPEC’s production in March was basically the same as last December.

According to Mr. Tanaka, executive officer of the International Energy Agency who attended the meeting, the current international oil price is “very high.” The organization is concerned that this will have a negative impact on economic growth, and the growth rate of crude oil demand will probably slow down.

The fourth Asian Minister of Energy Roundtable meeting was held in Kuwait on that day. Representatives of nearly 30 Asian countries and international organizations will discuss the latest changes in the international crude oil market, the development of the Asian oil and gas industry, and clean energy.