Secretary General of OPEC keeps output denies causing oil prices to pressure the US and Russia …
Tankers in the port of Long Beach, California, USA – Photo: Bloomberg.
Organization of Petroleum Exporting Countries (OPEC) will maintain the decision not to cut production, even though oil prices have dropped about 40 USD / barrel – Bloomberg quoted the Minister of Energy Arab Emirates (UAE) Suhail Al-Mazrouei, Monday 14/12.
He also said Al-Mazrouei, OPEC will wait at least 3 months before considering organizing an emergency meeting.
The official confirmed that OPEC will not change right decision released on 27/11 to maintain production levels of 30 million barrels / day currently. OPEC’s next meeting is scheduled on June 5/6 years later.
“We will not change the view as oil prices fell to 60 USD / barrel, or 40 USD / barrel,” he told Bloomberg Mazrouei yesterday (14/12) in Dubai.”We do not take issue price target market will stabilize prices.”
He Mazrouei said, the current conditions do not force OPEC to hold an extraordinary meeting. “We need to wait at least a quarter,” UAE Energy Minister said on considerations emergency meeting.
According to data compiled by Bloomberg, 12 members of OPEC production 30.56 million barrels / day in November, marking the 6th consecutive month exceeded production targets set.
Recently, three members of OPEC countries are Saudi Arabia, Iraq and Kuwait dropped the price of oil sold to Asian customers. The move intensified speculation that OPEC is fiercely for market share in the context of the global market due to excess oil production of US shale oil skyrocketed.
OPEC meets about 40% of world oil demand.
Session on Friday, the price of Brent crude oil in the London market fell 2.9%, while the $ 61.85 / barrel, the lowest since 7/2009. Since 26/11, ie one day before the OPEC meeting, the price of Brent crude was down 20% so far.
Talking to Bloomberg, OPEC Secretary General El-Badri Abadalla that oil supplies from OPEC increased 6 million barrels / day and speculation on the oil market has led to lower oil prices.
He expects oil prices will soon rebound based on the change of the global economic cycle.
“We will not be able to get a real picture of the oil market until the first half of 2015,” said El-Badri said. According to the official, oil prices will stabilize in the second quarter of next year and OPEC will then determine the necessary measures.
He also denied speculation that OPEC keeps output caused oil prices to pressure the United States or Russia.
Last week, the company drilling for oil in the US has suspended the operation of the rig of the largest in nearly two years as oil prices fell below 60 USD / barrel. The country’s oil production as ConocoPhillipsfar have cut investment and reduce the amount of drilling down from a record 1,609.
According to experts, this could threaten the reverse race shale drilling for oil in the US, in the context of promoting the exploitation of oil shale in the US has led the country’s oil production soared to the highest level in three decades.
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