Arab countries, OPEC members seek to make the price of $ 60 a barrel

Arab countries, OPEC members seek to make the price of $ 60 a barrel

 translation / Hamed Ahmed

Section of the top oil producers in the Organization of Petroleum Exporting Countries sought among them Saudi Arabia, Iraq and Kuwait to the possibility of making the price of $ 60 a barrel , a price that Aattabroh appropriate , noting that they would support further production cuts next month.
Officials said OPEC, as reported by the Wall Street Journal, that Saudi Arabia, Iraq and Kuwait believe that the average price of $ 60 a barrel would improve their economy and allow the introduction of more investment in the energy field.
It was those countries seeking to reach a price of $ 55 a barrel , a level they have achieved a large about through a reduction of production by 1.2 million barrels per day , which was agreed upon by a decision of OPEC.
Arab officials said that Saudi Arabia, Iraq and other members of the organization , which includes 13 members have said that they will pay to extend production cuts for another six months during their next meeting in Vienna on May 25.
He said Iraqi Oil Minister Jabbar Allaibi in an interview with the Wall Street "Iraq wants to reach oil prices to $ 60 a barrel."
Other officials stressed informed Saudi Arabia and Kuwait 's oil policies that these two countries also want to reach oil prices to $ 60 a barrel.
It is said that the oil price model for members of OPEC at certain times is symbolically, taking into account the volatility of unexpected market movement that affect world oil prices, which vary from the Chinese demand for oil supplies to confusions processing in Libya and developments in drilling technology in America.
But the price that OPEC members seek to access it provides a window on the extent of their seriousness by using a weapon to reduce their energy production to influence the market. It seems that all OPEC members are becoming more compliant now to apply to reduce production agreement than they were in previous years so that almost everyone had a reduction of oil production rates.
Other members of OPEC , among them Iran may completely change their plans arrived at the price of $ 60 a barrel. But Saudi Arabia, Kuwait and Iraq , representing the members who constitute about oil output more than half of total OPEC output.
 About: Wall Street US


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