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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Oil falls below $ 88 and "OPEC" excludes emergency meeting to discuss prices

    Rocky
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    • Post n°1

    Oil falls below $ 88 and "OPEC" excludes emergency meeting to discuss prices Empty Oil falls below $ 88 and "OPEC" excludes emergency meeting to discuss prices

    Post by Rocky Tue 14 Oct 2014, 7:05 pm

    Oil falls below $ 88 and "OPEC" excludes emergency meeting to discuss prices

    15/10/2014 (00:01 pm)

    LONDON Tehran - Brussels / Reuters - AFP

    Brent crude down about $ 88 a barrel on Tuesday to return to its lowest level in nearly four years struck on Monday and after that lowered the International Energy Agency forecast for demand for crude this year and next.

    Crude fell European measurement of more than 20 percent from its highest level in 2014, which struck in June with a high supply and a slowdown in global demand, which caused much of the glut in the market.

    The International Energy Agency on Tuesday that the growth in global oil demand will be much weaker than expected and indicated that crude prices may fall further record.

    The price of Brent crude down $ 1.15 to 87.74 dollars a barrel, which was the lowest level in session on Monday and the lowest price since December 2010, and by 0910 GMT, Brent recovered slightly to around 87.85 dollars a barrel.

    The decline in the price of crude 80 cents to 84.94 dollars a barrel after it trimmed its losses incurred during the session

    From the other side, said sources in the "OPEC" on Tuesday that "it is unlikely that calls on the Petroleum Exporting Countries (OPEC) to hold an emergency meeting, as proposed by Venezuela to discuss falling oil prices."

    This is an indication that "OPEC" is not in a hurry to discuss collective action in response to the sharp decline in oil prices.

    And a member of the organization called on Venezuela last week, to hold an emergency meeting to discuss ways to stop the decline in oil prices, which fell to below $ 88 a barrel, the lowest level recorded since 2010.

    But the proposal was met with lukewarm response from other members of the "OPEC", and the organization seemed divided regarding whether it should take any action to stop the falling prices, and the nature of such a procedure.

    It is scheduled to be held "OPEC" in the next regular meeting November 27 (November) at its headquarters in Vienna.

    The delegate said the "OPEC" who asked not to be named, said that "the regular meeting is not far away. Will be a surprise if OPEC met before that."

    He added that "demand during the winter season that would support the oil market in the coming months, and that the rise in the dollar partly offset the impact of lower oil prices for some producers," noting that "it is a natural occurrence of some weakness in prices at this time of year."

    And reduced another source in the "OPEC" of the possibility of holding an emergency meeting, saying "do not conduct any preparations. Seems that the idea almost disappeared."

    In addition, the Deputy Iranian Oil Minister Rukn al-Din Javadi that "the fall in oil prices will not last long, and does not affect the economy of Iran." The transfer of the site and the Iranian Oil Ministry's website (Shana) quoted him as saying on Tuesday, "The fall in oil prices will not last long and is unlikely to hurt the budget of the country." The proportions of the site to Javadi who serves as the Managing Director of National Iranian Oil Company in the "OPEC", saying that "the decline in the price of oil will not last long," adding that "speculation regarding the future path downward trend in oil prices in the market are mainly based on evaluations of the market." . In a related development, came down the price of crude, "Brent" about $ 88 a barrel on Tuesday, returning to its lowest level in nearly four years, which hit on the first Monday, after it lowered the International Energy Agency forecast for demand for crude this year and next.

    Crude fell European measurement of more than 20 percent from its highest level in 2014, which hit in June, with a high supply and a slowdown in global demand, which caused a glut in the market. The International Energy Agency said Tuesday, "The growth in global oil demand will be much weaker than expected," and noted that "the record crude prices may fall further."

    The agency noted that "OPEC may not necessarily play a role anymore flexible product that achieves balance in the oil market." She added that it may have to "reduce the production of high-cost projects such as the production of oil shale in the United States and production of crude oil from oil sands in Canada and the deep waters of Brazil, to achieve a balance in the market when prices fall."

    Crude fell 80 cents American to 84.94 dollars a barrel, after it trimmed its losses incurred during the first session yesterday, Monday, dropping eight cents at the settlement.

    In a related context, said chief analyst for the International Energy Agency Antoine Halff on Tuesday, said that "OPEC" may not necessarily play a role anymore flexible product that achieves balance in the oil market.

    He added that he may have to cut production of high-cost projects such as the production of oil shale in the United States and production of crude oil from oil sands in Canada and deepwater in Brazil to achieve a balance in the market when prices are falling.

    The International Energy Agency has confirmed on Tuesday, that the world will grow much weaker-than-expected demand for oil in 2015, adding that it expects to record crude prices fall further. The agency, which represents industrialized countries, in a monthly report, "It seems that the declines witnessed by the recent price caused by supply and demand. Was needed to further decline in oil prices to reduce the supply or to promote the growth of demand." Oil prices have fallen in September for the third month in a row and landed ore prices, "Brent" index this month to its lowest level in nearly four years near $ 88 a barrel because of an oversupply and slowing demand growth and the rise of the dollar.

    The IEA said it lowered its estimate for oil demand growth in 2014 by 200 thousand barrels per day to 0.7 million barrels per day because of weak economic growth and signs of a decline in consumption. The agency expects higher demand in 2015 by 1.1 million barrels to 93.5 million barrels per day, an increase of 1.2 percent but less than 300 thousand barrels from the previous forecast. And dropped the price of "Brent" about 25 percent since June, when she was approached prices of $ 116 a barrel, supported by the unrest in Iraq.

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