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OPEC» does not rule out the price of a barrel of oil to $ 200
Posted 27/01/2015 11:28 AM
Babinaoz / agencies:
Did not rule out the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri that the price of a barrel of oil up to $ 200 if oil investments fell under low oil prices remain at current levels. Badri did not specify the length of time necessary for the prices even up to $ 200 but stressed that the majority of OPEC investments in the upstream sector of the oil and gas production is still continuing with the current price below $ 50 a barrel, and a few of them may be canceled.
He explained Badri in a dialogue with the agency «Bloomberg» yesterday in London that the oil market is witnessing a surplus estimated at 1.5 million barrels per day, but he returned to say that this surplus will be corrected through supplies decline, not in terms of increasing demand, in an indication that the low prices will to a decline in production for some producers. It is the objective of the organization through its recent decision to keep the production ceiling as it is not to reduce their production.
Badri was warned last week in Davos that oil prices remain low at the current level will affect the investment in production and if the oil has not seen suitable investments over the next 5 years, the prices will rise inevitably to $ 100 again. Badri said in his interview yesterday that the organization is ready for any meeting with the producers outside OPEC to discuss to restore balance to the market and an end to the imbalance in supply and demand balance solutions.
In turn, the president of Venezuela, Nicolas Maduro yesterday confirmed the existence of serious talks with countries outside OPEC in order to create a coalition to support prices. And transfer Venezuelan state television yesterday Maduro's remarks during his visit to Saudi Arabia this month in which he said: «All I can say is that the work of building an alliance between OPEC and non-OPEC and everything related to this diplomatic policies and artwork progressing well».
At the time of al-Badri expects the arrival of the surplus in the market to 1.5 million barrels a day, Barclays Bank predicted in a report yesterday got «Middle East», a copy of the current surplus in the market about 1.1 million barrels a day went mostly to storage tanks in the United States and China and on board ships, which made the Brent oil prices continue to remain in the position known as the postponement Alkontanico. Barclays Bank says that Alkontanico who witnessed the market today will be much higher than Alkontanico witnessed in 2008-2009. And Alkontanico mean that future oil futures prices are higher than the current contract prices and this is what traders are encouraged to store and sell in the future.
Badri said in his interview yesterday that OPEC will return eventually to play the role of «the product is likely» in the global oil market, which means that OPEC after the end of the current crisis resulting from the imbalance in the balance of the market may be due to lower production to support prices.
On the other hand, Al-Badri said that increasing Iraq's production will not affect the balance of the market and will not contribute to the accumulation of surplus significantly. Iraq plans to raise its production to 4 million barrels a day this year, according to the illustrated by Iraqi Oil Minister Adel Abdul Mahdi, in an interview with «Middle East» last month.
In an interview with Bloomberg TV last week during his participation in «World Economic Forum» Badri ruled out that oil prices up to $ 20 or $ 25, and expected to remain in orbit 45 to $ 50, which has the current price. He said he does not expect prices to fall to twenty levels because the current decline has nothing to do with the balance of supply and demand and market fundamentals. Badri was made clear during a speech at the Forum that the organization's decision in November (November) the past not to cut production to counter the drop in crude prices was a sound decision. He said that if the organization had been forced to cut production to cut again after that because the non-Member States was the increase of production. Badri and repeat again that the production policy of OPEC is not directed against Russia or Iran or the United States.
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Posted 27/01/2015 11:28 AM
Babinaoz / agencies:
Did not rule out the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah al-Badri that the price of a barrel of oil up to $ 200 if oil investments fell under low oil prices remain at current levels. Badri did not specify the length of time necessary for the prices even up to $ 200 but stressed that the majority of OPEC investments in the upstream sector of the oil and gas production is still continuing with the current price below $ 50 a barrel, and a few of them may be canceled.
He explained Badri in a dialogue with the agency «Bloomberg» yesterday in London that the oil market is witnessing a surplus estimated at 1.5 million barrels per day, but he returned to say that this surplus will be corrected through supplies decline, not in terms of increasing demand, in an indication that the low prices will to a decline in production for some producers. It is the objective of the organization through its recent decision to keep the production ceiling as it is not to reduce their production.
Badri was warned last week in Davos that oil prices remain low at the current level will affect the investment in production and if the oil has not seen suitable investments over the next 5 years, the prices will rise inevitably to $ 100 again. Badri said in his interview yesterday that the organization is ready for any meeting with the producers outside OPEC to discuss to restore balance to the market and an end to the imbalance in supply and demand balance solutions.
In turn, the president of Venezuela, Nicolas Maduro yesterday confirmed the existence of serious talks with countries outside OPEC in order to create a coalition to support prices. And transfer Venezuelan state television yesterday Maduro's remarks during his visit to Saudi Arabia this month in which he said: «All I can say is that the work of building an alliance between OPEC and non-OPEC and everything related to this diplomatic policies and artwork progressing well».
At the time of al-Badri expects the arrival of the surplus in the market to 1.5 million barrels a day, Barclays Bank predicted in a report yesterday got «Middle East», a copy of the current surplus in the market about 1.1 million barrels a day went mostly to storage tanks in the United States and China and on board ships, which made the Brent oil prices continue to remain in the position known as the postponement Alkontanico. Barclays Bank says that Alkontanico who witnessed the market today will be much higher than Alkontanico witnessed in 2008-2009. And Alkontanico mean that future oil futures prices are higher than the current contract prices and this is what traders are encouraged to store and sell in the future.
Badri said in his interview yesterday that OPEC will return eventually to play the role of «the product is likely» in the global oil market, which means that OPEC after the end of the current crisis resulting from the imbalance in the balance of the market may be due to lower production to support prices.
On the other hand, Al-Badri said that increasing Iraq's production will not affect the balance of the market and will not contribute to the accumulation of surplus significantly. Iraq plans to raise its production to 4 million barrels a day this year, according to the illustrated by Iraqi Oil Minister Adel Abdul Mahdi, in an interview with «Middle East» last month.
In an interview with Bloomberg TV last week during his participation in «World Economic Forum» Badri ruled out that oil prices up to $ 20 or $ 25, and expected to remain in orbit 45 to $ 50, which has the current price. He said he does not expect prices to fall to twenty levels because the current decline has nothing to do with the balance of supply and demand and market fundamentals. Badri was made clear during a speech at the Forum that the organization's decision in November (November) the past not to cut production to counter the drop in crude prices was a sound decision. He said that if the organization had been forced to cut production to cut again after that because the non-Member States was the increase of production. Badri and repeat again that the production policy of OPEC is not directed against Russia or Iran or the United States.
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