OPEC expects a deficit in the oil market in 2017

[ltr]OPEC expects a deficit in the oil market in 2017[/ltr]

 Since 05.15.2016 at 08:38 (Baghdad time)
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[ltr]Follow-up - the balance of News[/ltr]
[ltr]"OPEC" has announced that the oil market, which is still suffering from oversupply, will return next year to what it was recorded "net deficit" because of the low production of non-members in the organization.[/ltr]
[ltr]In its quarterly report, which was published Friday, May 13 / May, the Organization of Petroleum Exporting Countries "OPEC", whose Vienna-based, said that the decline in production is particularly caused by the reduction of investments in many countries in recent months, in light of lower prices, with the decline in the number of wells operating in the United States by more than half within a year.[/ltr]
[ltr]He also pointed out "OPEC" to the dramatic decline of production in Colombia, Mexico and Kazakhstan, which may continue in the last two countries in 2017.[/ltr]
[ltr]In contrast, for 2016, the organization, which includes 13 countries make up a third of global oil reserves, see the continuation of the surplus production, it also kept its forecast for global consumption point unchanged.[/ltr]
[ltr]According to the "OPEC", the demand rate must always remain at 94.18 million barrels per day, to a production level of 56.4 million barrels per day for non-members of "OPEC".[/ltr]
[ltr]This practically means a surplus of about one million barrels per day, as the organization has pumped some 32.44 million bpd in April / April, up from 32.25 million in March / March, according to the report.[/ltr]
[ltr]The organization said that "Basically, the surplus in the continuous production, and production is still high," although there are "indications that the ongoing status of the glut in supply is likely to fade."[/ltr]
[ltr]Indeed, prices have risen by 40% since the lows last January, "influenced by the possibility of accelerated depreciation of the US production of crude and a weak dollar and expectations of a sharp decline in non-OPEC production," according to the report.[/ltr]
[ltr]During the past months, he rejected the "OPEC", and the most prominent members of Saudi Arabia, cut production in an effort to restore some stability of prices collapsing. This is the position that Riyadh was highlighted by the claimants, caused by the fear of losing the OECD share of the global [/ltr]
[ltr]market. Ended 29/4 e[/ltr]




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