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Commodities Corner: OPEC, allies waging a battle to keep oil prices supported amid trade tensions

The Organization of Petroleum Exporting Countries’ decision to extend production curbs by another nine months shows just how concerned the group and allied oil producers are about a slowdown in energy demand.

The output cuts will help stabilize the market and support prices as trade uncertainties persist. Given the demand concerns, “the only way to firm and stabilize oil is with cuts to production,” says Marc Bruner, CEO of natural-resource firm Fortem Resources. “There is no other way.” OPEC and its allies, he adds, are “drawing a line in the sand for $50 oil so they can stabilize oil prices until demand picks up.

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