OPEC expects the balance of the global oil market

[ltr]OPEC expects the balance of the global oil market[/ltr]

 Since 06/14/2016 08:35 pm (Baghdad time)
[ltr][/ltr]
[ltr]Follow-up - the balance of News[/ltr]
[ltr]Organization of Petroleum Exporting Countries predicted (OPEC), to become a global oil market more balanced in the second half of this year at a time, which helps when some production in Nigeria and Canada crashes on the acceleration of the pace of contraction of oversupply.[/ltr]
[ltr]The organization said in its monthly report that the current production is less than the average expected oil demand in the second half of 2016. The previous full quarter that OPEC pumped less than the demand for its oil in 2013, according to previous reports of the organization.[/ltr]
[ltr]Oil prices rose to $ 50 a barrel, the lowest level in 12 years, which amounted to $ 27 a barrel in January, it caused some disruption in production to reduce the oversupply of crude. OPEC says that it accelerates the pace of shrinking the gap between supply and demand in the market which had expected anyway as it affects lower crude prices on the high cost of supplies from outside the organization.[/ltr]
[ltr]OPEC said in the report, which was published on Monday, "is likely to shrink the excess supply in the market during the coming quarters," which will introduce "a more balanced Nhiham near the oil market."[/ltr]
[ltr]Prices fell from $ 100 a barrel two years ago and intensified the losses after the organization refused to cut production in the hope that lower prices lead to a reduction of the production of competitors. With the emergence of signs that the strategy is beginning to bear fruit, OPEC had been no changes to its policy of productivity during the second meeting of June.[/ltr]
[ltr]And prompted attacks on oil installations in Nigeria and forest fires in Canada and losses in other parts of the supply disruptions to the highest level in at least five years in May.[/ltr]
[ltr]But stocks are high and OPEC warned, saying: "However, there is still a huge glut in supply."[/ltr]
[ltr]It said in a report on Monday that production fell by 100 thousand barrels per day to 32.36 million barrels a day in May, including at least 500 thousand barrels per day from the expected oil demand in the third quarter and by 160 thousand barrels per day from its forecast for average demand for its crude in the second half of year.[/ltr]
[ltr]This refers to a decline in the gap between supply and demand for the first quarter of the year, when OPEC said its production exceeded demand for its oil by 2.59 million barrels per day, prices fell to their lowest level in 12 years.[/ltr]
[ltr]Production and affected by the non-OPEC countries as a result of falling prices as companies delayed projects around the world, or abolished. OPEC expects production from the outside by 740 thousand barrels per day in 2016 , led by the United States fell to little changed from last month. Ended 29/4 e[/ltr]


[ltr]https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
[/ltr]