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Major producing countries discuss raising oil prices

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rocky
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Major producing countries discuss raising oil prices

Post by rocky on Fri 12 Feb 2016, 3:15 pm

Major producing countries discuss raising oil prices
 forecasts a doubling of US shale crude production in the 2035 
follow-up of the new morning:

Chairman of the current session of the UN Security Council, Rafael Ramirez, said that Venezuela, Saudi Arabia, Iran and Russia, taking place now talks to raise oil prices. 
He revealed Ramirez, who was minister of oil in Venezuela, the former for 12 years, said that «the price of oil will rise, such as former» . 
oil prices have risen, on Friday, under the influence of Asian buying new speculation about the desire of the Organization of petroleum exporting countries (OPEC) to cut output. 
the Wall Street journal newspaper, quoting UAE energy Minister Suhail Al Mazroui, that OPEC was ready apparently to consult with States other producers to try to reduce production levels. 
after the comments by Minister of energy of the UAE raised hopes coordination among producers to reduce production, but some analysts said the move still excluded and that oversupply will continue. 
ascended International benchmark Brent crude to $ 1.37, or 4.56 percent from level, when the previous settlement to $ 31.43 a barrel. 
came the jump in the price of Brent after energy Minister Alimarti Suhail Al Mazroui said that «the Organization of Petroleum exporting countries, OPEC, is ready to hold talks with other exporters regarding the reduction of production». 
the minister added that «OPEC members ready to cooperate with other producers to cut production, although it has been pointed out that the decline in oil prices, forcing some producers have already cut production in a way will contribute to the rebalancing of the market ». 
also rose WTI US mediator in the futures of $ 1.21, or 4.62 percent, to $ 27.42 a barrel, after hitting its lowest level since 2003 in the previous session. 
despite the rise in Brent and US crude, analysts said they see no mention of the agreement, OPEC and independent producers to adopt a common policy a chance, but are likely to continue declining oil prices due to oversupply. 
Furthermore, predicted energy giant BP, the British oil shale production in the United States will double over the next twenty years with the development of technology companies producing them more efficient at exploiting new resources amid falling crude prices. 
in its report to the expectations of energy until 2035, BP said that demand global energy will increase by 34%, driven by population growth and global economic and oil share will be reduced in favor of gas and renewable energy. 
although the shale oil production in the United States affected by the sharp decline amounted to 70% in oil prices over the past eighteen months, however, my report. P said that in the long term is expected that the production of oil shale to grow from about four million barrels per day currently to eight million barrels per day in the contract thirties to constitute almost 40 percent of US production. 
Spencer said Daley, chief economist at BP «We expect to land US shale oil over the coming years, but then it will increase production ». 
he predicted BP report that shale oil production around the world will increase by 5.7 million bpd to 10 million bpd, but he will remain concentrated in the United States. 
he also said Daly said global demand on oil, which increased by 1.8 million barrels a day last year, it will continue to grow «strongly» this year, although he will be at a slower pace.



http://www.newsabah.com/wp/newspaper/74190

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