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Decline oversupply supports high oil prices
8/11/2016 0:00
[rtl]Follow - up / Sabah
recorded in oil prices in the futures, on Monday, rising after Algerian Energy Minister Noureddine Bouterfa statement, that he was confident that the members of theorganization "OPEC" Seetmscon agreement to reduce oil production reached in Algeria last September.
The Brent crude 43 cents or 0.94 percent to $ 46.01 a barrel by 0400 GMT, while futures for US crude rose 49 cents, or 1.11 percent , to $ 44.56.
the committee will meet international experts to discuss the possibility of reducing production and means that in the coming period again, so in Vienna on 25 of this month , ahead of the informal meeting of the Ministers of OPEC in 30 of it.
and it said the Secretary General of the Organization of Petroleum exporting countries (OPEC) Mohammad Barkindo said consultations between producers from within theorganization and beyond will continue in the coming days and weeks , stressing the need for cooperation between producers from both sides.
He Barkindo that the organization is committed to the agreement reached in Algeria in September to cut oil production.
the Oharfa remarks to reporters at a conference in Abu Dhabi that the market will regain its equilibrium in 2017 with the implementation of the agreement. And whether he expected Russia 's participation is a member of the organization to cut production or install the Secretary - General said: "Russia is with us ... I will not reveal all the details."
He met with officials (OPEC) in Vienna last month to put the details of Algeria 's plan to cut production but they failed to reach an agreement.
to that UAE energy Minister Suhail Al Mazroui said on Monday: the oversupply of crude oil almost dissipated. He Mazroui in the Exhibition & Conference Abu Dhabi International Petroleum (ADIPEC) belief that the downturn reached its end.
He pointed out that there is a need for continued investment in the sector to ensure theprevention of a big jump in prices within three to four years.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=126370[/rtl]
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