HomeHow lost «OPEC} control over the crude market4/17/2016 0:00 [rtl]The policy of maximum production of oil as possible Stephen Mofsson * Torgomh- Khalid Qasim trying 13 countries do not collect many work as a single bloc denominators by agreeing to curb oil production and increase prices. But members of the opposing sides of theOrganization of «OPEC» who meet in the Qatari capital Doha do not work for describing them cartel but observers to free market of crude oil. This is not a stranger to the nature of the organization that dates back established to before 56 years, where much political differences between the two which are Iran and Saudi Arabia, while other countries such as the UAE have the financial buffers against falling oil prices and the struggling heavily to inflation and the lack of currencies to avoid bankruptcy Venezuela. The Nigeria relies on 1.7 million barrels per day to meet theneeds of 173 million people, and Kuwait produces 2.8 million barrels per day , with a population of 3.4 million people. OPEC cartels differ from its predecessor because its members want the others to reduce their output without to do likewise . However investors of oil and gas monitors around theworld , the Doha meeting to seek agreement reduces or freeze production at the veryleast to raise the price. Price jumped «OPEC» basket, which takes into account the quantity and quality of theMember States exports, 12 percent in the past week , and in part because of the near the start of the summer driving season, which is part of a year in which demand for oil rush. Many experts in the possibility of reaching an agreement skeptical reduce OPEC production, as the International Energy Agency said in its monthly report on Thursday: «We do not know the outcome of the meeting , but if he got freezing production rather than lower it , Valtotar the oil supply will be limited». Any sign of flexibility Saudis does not appear, while Iran has begun to regain its production levels by international sanctions lifted this year. The other countries that badly need oil revenues is willing to maintain high production levels. Says Kenneth Rogoff, a professor of economics at Harvard University: «It is clear that Saudi Arabia needed the money, as well as the case for Russia , which has hit its economy hard, with deteriorated living standards and if itcontinues it will undermine the popularity of President Vladimir Putin , no matter how powerful the propaganda.» But Saudi Arabia suffer from the war failed Yemen 's large population growth and all kinds of internal political problems, so both countries are not in a position to allow them to cut production. Instead, they «OPEC» policy throughout theyear and a half ago is producing the maximum amount of oil and watch the collapse of the prices and wait for increased demand from renewed due to the low price of oil theglobal economy. Another expert mentioned that no one controls the oil market, it is a free market. This is the free market produces low prices do not hurt production in the Gulf states, but America as well as declining oil shale began. Because of shale oil wells produce most ofits stock in the first two years, there is a need for constant drilling speed in order tomaintain a high level of production. But with falling prices , there are a number of oil platforms fell by 80 percent and lower the total US production of 9.6 million barrels a day last year to less than 9 million barrels now and probably will fall more to around 8.3 million barrels per day later this year Present. It is not clear how fast the return of US shale oil production to its previous status as soon as the beginning of the price rise, but Saudi Arabia would wait and find out. * The Washington Post[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=114646[/rtl] |
How lost «OPEC} control over the crude market
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