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OPEC: oil production freeze "just the beginning"
2/23/16
The Secretary-General of OPEC, Abdullah al-Badri, on Monday, that the recent agreement to freeze oil production 'is just the beginning', and that the top producers in the world has been studying 'other steps' for the liquidation of oversupply global markets.
The new al-Badri, the Houston conference, emphasize his willingness to work with oil producers inside and outside OPEC to drain the glut of global supply, which led to a reduction in oil prices to their lowest levels in more than a decade.
He stressed that the agreement in principle to freeze production reached Saudi Arabia, Russia and other producers last week is just the beginning, he said, 'The first step to freeze production. We may take in the event of success other steps in the future. '
Badri said, in front of hundreds of executives for international oil companies, OPEC want to wait for 3 or 4 months to see whether the deal would hold, before it addresses the oil shale projects, particularly in the United States.
He said that the shale oil producers Americans Cisaron to resume operations if prices recovered to $ 60 from $ 30 a barrel currently, he said, referring to the oil shale projects 'I do not know how I shall live together'.
OPEC Secretary-General pointed out that the decline in prices more than 70 percent in 20 months does not look like boarding previous sessions and landing, and said 'if prices rose in 2017 or 2018, the US shale oil will curb the rise of the price. That is the difference this time. ' - See more at: http://translate.googleusercontent.com/translate_c?depth=2&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.ikhnews.com/index.php%3Fpage%3Darticle%26id%3D143525&usg=ALkJrhh_qQ0V2sDE_0xwZSWyuf0RKSglpQ#sthash.NhTy60tY.dpuf
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2/23/16
The Secretary-General of OPEC, Abdullah al-Badri, on Monday, that the recent agreement to freeze oil production 'is just the beginning', and that the top producers in the world has been studying 'other steps' for the liquidation of oversupply global markets.
The new al-Badri, the Houston conference, emphasize his willingness to work with oil producers inside and outside OPEC to drain the glut of global supply, which led to a reduction in oil prices to their lowest levels in more than a decade.
He stressed that the agreement in principle to freeze production reached Saudi Arabia, Russia and other producers last week is just the beginning, he said, 'The first step to freeze production. We may take in the event of success other steps in the future. '
Badri said, in front of hundreds of executives for international oil companies, OPEC want to wait for 3 or 4 months to see whether the deal would hold, before it addresses the oil shale projects, particularly in the United States.
He said that the shale oil producers Americans Cisaron to resume operations if prices recovered to $ 60 from $ 30 a barrel currently, he said, referring to the oil shale projects 'I do not know how I shall live together'.
OPEC Secretary-General pointed out that the decline in prices more than 70 percent in 20 months does not look like boarding previous sessions and landing, and said 'if prices rose in 2017 or 2018, the US shale oil will curb the rise of the price. That is the difference this time. ' - See more at: http://translate.googleusercontent.com/translate_c?depth=2&hl=en&rurl=translate.google.com&sl=ar&tl=en&u=http://www.ikhnews.com/index.php%3Fpage%3Darticle%26id%3D143525&usg=ALkJrhh_qQ0V2sDE_0xwZSWyuf0RKSglpQ#sthash.NhTy60tY.dpuf
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