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OPEC is not going to reduce oil production in order to maintain prices

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OPEC is not going to reduce oil production in order to maintain prices

Post by Admin on Thu Jul 23, 2015 1:19 am

The Organization of Petroleum Exporting Countries (OPEC) will not abandon the policy of a high level of production and will not support prices through its reduction. This opinion was expressed by the participants of the conference organization in Dubai polled by Reuters.

Falling oil prices in July will be short-term, according to the cartel. It is unlikely that the limit of production will be reduced, even if the barrel goes below 50 dollars.

"Prices are not always low" - argued one of the participants of the cartel's position. According to the agency, even by delegates from countries that are in favor of high prices, do not believe that production will reduce the largest oil exporters - Saudi Arabia.

"It seems that the policy of the Saudis, their tactics of repression price US producers of shale fuel is not successful, - the official said one of the OPEC countries outside the Persian Gulf. - But they are likely to continue to adhere to it. "

Statement by Kuwaiti Oil Minister Ali al-Saleh Omayra made it on July 21 also fits into the overall position of the organization. According to him, oil producers expect growth in the world economy, which will lead to an increase in oil prices.

The organization also does not expect a significant increase in exports from Iran before 2016. And with the new year the increased demand should absorb excess oil.

At the same time the Iranian Oil Minister Bijan Namdar Zanganeh in early June, said that in the case of the lifting of sanctions, Iran has reached a compromise with the world powers in the nuclear program, intended to increase production, even at the expense of prices.

In June, OPEC increased oil production by 283,000 barrels per day - up to 31.38 million barrels per day. Thus, the organization stated it exceeded the quota for the same production of 30 million barrels a day. The share of OPEC in world production in June increased from 33 to 33.4 percent.

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