Oil prices stabilized due to the prospect of balancing supply

Oil prices stabilized at the beginning of trading in the Asian market on Tuesday because the OPEC+ producer alliance aimed at avoiding decline in prices.

On Monday, energy minister of Iraq, Ihsan Abdul Jabbar, announced that Organization of the Petroleum Exporting Countries (OPEC) were holding the situation with oil prices under control in order to support the balance in the market.

“We aim to avoid a sharp growth as well as a collapse of oil prices”, – reported the minister in one of his interviews on the Iraq’s state television.

Abdul Jabbar’s statements were a great assistance in supporting oil prices.

Uncertainty associated with disruptions in supply, which occurred as a result of monetary policy tightening in the world, threaten the economy with a possibility of a downturn and also hold the prices from the following growth.