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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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    OPEC expects a balance in the oil market in 2016

    lonelyintexas
    lonelyintexas
    lonelyintexas
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    • Post n°1

    OPEC expects a balance in the oil market in 2016 Empty OPEC expects a balance in the oil market in 2016

    Post by lonelyintexas Sat 17 Oct 2015, 8:19 am

    OPEC expects a balance in the oil market in 2016

    17/10/2015 Kuwait - AFP:

    The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdullah Al-Badri said the organization "is confident that the oil market will be more balanced in 2016" with the decline in the production of non-OPEC countries and rising global demand. Badri said at a conference of oil and gas in Kuwait City held last week "over the past months have been recorded decline in production in non-member countries in OPEC and increase in global demand." 

    But Badri acknowledged that "the market is still booming" in width and stressed that the important stability of the oil market with "Islam is witnessing significant challenges." Secretary General of OPEC, said that the basic market data do not support the significant decline in prices which has fallen about 60% since June 2014, but predicted that world oil demand will rise to 110 million barrels per day by 2040 from 93 million barrels currently. 

    "This requires investments worth $ 10 trillion between now and then." Earlier Sunday, Qatari Energy Minister and current OPEC president Mohammed bin Saleh gentlemen said in a statement that oil prices "reached its lowest level" and that he sees signs of improvement in the coming year. He added in a statement that the growth of gross domestic product in 2016 is expected to reach 3.4% vs. 3.1% expected in 2015 and that this will reflect an increase in global demand for oil to be between 1.3 to 1.5 million barrels per day. 

    The statement said that the increased supply from producing countries from non-OPEC members during the past five years dropped significantly in 2015 and this growth is likely to record a negative value or zero in 2016. In contrast, the statement expected improvement in demand for OPEC oil of 29.3 million barrels in 2015 to 30.5 million barrels in 2016 thanks to increased demand from developed and emerging markets alike. 

    He Gentlemen, low market prices currently paid oil companies to cut expenses by about twenty percent this year from $ 650 billion in 2014 and announced that Venezuela, which has worked hard Thursday to convince oil-producing countries to cut production to raise prices, a technical meeting of the OPEC countries and other countries producing oil on October 21. Badri said that the meeting will be held at the expert level and that the producers of OPEC members and non-members will be attending. He added that OPEC is ready to cooperate with non-members of the cartel on the market before the surplus if expressed a similar desire. Did not make recommendations or specific proposals for the meeting of experts and Badri said that "there will be a discussion to find a solution" for the oil market. Badri said OPEC believes that the current problem in the oil market created by all producers but particularly non-OPEC members that production increased significantly. "The non-members of OPEC increased its production to 6 million barrels per day during the past six years and OPEC believes that this is the reason for the boom in the oil market."

    http://www.raya.com/news/pages/8a0ecf30-061c-4005-9ea9-7125d3c6aa2b
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