OPEC: 2018 .. a promising year for the rise in oil prices globally
Baghdad / Range
OPEC, in coordination with some outside countries, especially Russia, agreed to reduce the production ceiling by 1.8 million barrels per day, of which 1.2 million barrels per day share of the Organization, and the agreement is valid until the end of 2018. What contributed to the impact on price levels, rates High commitment.
The Organization of the Petroleum Exporting Countries (OPEC) stressed that looking ahead, confirms that we are faced with the fact that the world needs all available energy sources, which requires increased investment in all resources in order to ensure adequate levels of supply in the future, Crude Oil.
According to a recent report by the International Organization, there are currently proven reserves of crude oil exceeding 1.2 trillion barrels, noting that it is also important to recognize the progress achieved by the oil resources and many positive aspects of all of humanity and have affected the lives of billions of Humans around the world are hundreds of years old.
The report said that without oil resources, humanity would not have been able to achieve economic growth and access to many forms of development and prosperity and the building of modern civilization.
The report added that "it is necessary for the oil industry to accelerate investment in order to reach the levels that provide and provide energy requirements for future generations," adding that the latest estimates confirm the need to inject new investments worth 10.5 trillion dollars in various fields of industry from now until the year 2040.
The "historic declaration" on cooperation between producers in and outside OPEC is in the second year of serious application after a great success achieved in the first year, the report pointed out, stressing the importance of an effective framework for permanent development in order to achieve market stability.
The price of Brent crude will reach $ 75 a barrel in the next three months and will rise to $ 82.50 in six months, analysts said. "The oil market is likely to be rebalanced within six months , A time closer than we expected. "
"The drop in excess stocks is accelerating by the end of 2017 due to demand growth, OPEC's heavy commitment, heavy maintenance and the collapse of Venezuelan production," they said.
Goldman joined other banks such as Morgan Stanley and JPMorgan Chase & Co., where economic growth and output cuts led by the Organization of the Petroleum Exporting Countries helped boost prices.
Morgan Stanley recently said Brent would reach $ 75 a barrel this year, while JPMorgan said it could rise to nearly $ 78 as oil markets tighten faster than expected.
Brent crude for April delivery was 52 cents at $ 69.41 a barrel in London after rising earlier to $ 69.67. The global index reached $ 75 in late 2014.
Global demand for oil rose 1.6 million barrels per day (bpd), or about 1.5 percent last year, and UBS said it was expected to grow by 1.3 million bpd this year.