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Ignition with speculation OPEC meeting near critical to the future of the oil industry
Caught speculation about what could result in the OPEC meeting the crucial next Thursday, but observers reckon that the organization is unable to take any decision, can stop the deterioration of prices.
The Organization of Petroleum Exporting Countries (OPEC) in Vienna on Thursday the most important meeting her years ago, under the Pressure deterioration of oil prices, which blew the divisions within the organization between supporters to cut production and defenders to keep the production ceiling present. crude prices steadily deteriorated almost since mid-June under the influence of booming shale oil extraction in the United States and slowing global growth, after having been stable over 3 years near $ 100 a barrel, despite geopolitical unrest. Oil prices have lost about a third of its value during the five months in the biggest decline recorded in the sector since the outbreak of the financial crisis in 2008, when he collapsed in oil prices after record highs historical nearing $ 150 a barrel. It is expected to climb this unit Tension in the Ministers of the States meeting the twelve members of OPEC, who will meet in the Austrian capital to reconsider the freezer production ceiling three years ago at 30 million barrels per day, or about one-third of the extracted crude oil in the world. deterioration has led prices to decline in return on the budgets of member states, and increased Aldgod on OPEC to move through production cut in the hope of stabilizing crude prices or even filed. The student Nicolas Maduro of Venezuela, which is facing financial situation fragile, in a pessimistic speech yesterday to hold a "special meeting of Member States and non-OPEC member very soon, in order to decisions to save the price of oil. " The Iranian Oil Minister Bijan Zanganeh campaign to take measures to stop the deterioration of prices, but acknowledged after a meeting with Venezuelan Foreign Minister Rafael Ramirez, that "it is hard to go back to the previous price, but should seek to improve the price as much as possible with the introduction of into account the new situation in the market. " It is non-OPEC Russia, which is one of the largest oil exporting countries announced that they are working on the possibility of reducing production. But Saudi Arabia, which is the largest in the OPEC member and is now responsible for one-third of the Organization's production, has shown interest in this concern, and has repeatedly called for leaving the future Price of the forces of supply and demand. War on the market shares are likely to observers that Riyadh encouraged in the rough on the deterioration of prices by reducing export production rates in order to test the US shale oil's ability to withstand low prices, because it offers prices higher to be profitable. Others see the evidence the "war on market shares" waged OPEC members behind the scenes. But Saudi Oil Minister Ali al-Naimi, who has considerable influence, denies this, was confirmed after months of silence, refusing to "price war" oil was considered the theory "that talk about a price war sign misunderstanding intentional or otherwise, and has no basis of fact. " He stressed that Saudi Arabia's oil policy stable for decades and does not change today, though Riyadh is doing what it can with other producers to ensure price stability. But he did not clarify the exact position to be adopted in Vienna, Saudi Arabia. In the context of the circumstances, the climate of uncertainty is the master of the situation before Thursday's meeting. The issue lies in knowing whether Saudi Arabia would respond to calls to cut production quota. The expectations are open to all directions, but maintaining the status quo seems most likely. Mohammed Suroor Sabban, who was an adviser in the Ministry of Petroleum Saudi Arabia until 2013 to install the current ceiling had expected, with the recognition that this meeting will be "more difficult" for a long time for OPEC.Even if OPEC cut its stake productivity, "it is uncertain that production will decline actually" given to the non-compliance is often the ceiling limit, as Tim Pugh said Capital Economics Foundation. Analysts at Commerzbank "that the minimum expected and the most likely of the meeting is the members' commitment to respect the best ceiling set at 30 million barrels per day." Analysts say that any talk at the meeting from the cut will blow wide differences on production quotas, and that any cut timid will not be able to raise prices from current levels.
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Caught speculation about what could result in the OPEC meeting the crucial next Thursday, but observers reckon that the organization is unable to take any decision, can stop the deterioration of prices.
The Organization of Petroleum Exporting Countries (OPEC) in Vienna on Thursday the most important meeting her years ago, under the Pressure deterioration of oil prices, which blew the divisions within the organization between supporters to cut production and defenders to keep the production ceiling present. crude prices steadily deteriorated almost since mid-June under the influence of booming shale oil extraction in the United States and slowing global growth, after having been stable over 3 years near $ 100 a barrel, despite geopolitical unrest. Oil prices have lost about a third of its value during the five months in the biggest decline recorded in the sector since the outbreak of the financial crisis in 2008, when he collapsed in oil prices after record highs historical nearing $ 150 a barrel. It is expected to climb this unit Tension in the Ministers of the States meeting the twelve members of OPEC, who will meet in the Austrian capital to reconsider the freezer production ceiling three years ago at 30 million barrels per day, or about one-third of the extracted crude oil in the world. deterioration has led prices to decline in return on the budgets of member states, and increased Aldgod on OPEC to move through production cut in the hope of stabilizing crude prices or even filed. The student Nicolas Maduro of Venezuela, which is facing financial situation fragile, in a pessimistic speech yesterday to hold a "special meeting of Member States and non-OPEC member very soon, in order to decisions to save the price of oil. " The Iranian Oil Minister Bijan Zanganeh campaign to take measures to stop the deterioration of prices, but acknowledged after a meeting with Venezuelan Foreign Minister Rafael Ramirez, that "it is hard to go back to the previous price, but should seek to improve the price as much as possible with the introduction of into account the new situation in the market. " It is non-OPEC Russia, which is one of the largest oil exporting countries announced that they are working on the possibility of reducing production. But Saudi Arabia, which is the largest in the OPEC member and is now responsible for one-third of the Organization's production, has shown interest in this concern, and has repeatedly called for leaving the future Price of the forces of supply and demand. War on the market shares are likely to observers that Riyadh encouraged in the rough on the deterioration of prices by reducing export production rates in order to test the US shale oil's ability to withstand low prices, because it offers prices higher to be profitable. Others see the evidence the "war on market shares" waged OPEC members behind the scenes. But Saudi Oil Minister Ali al-Naimi, who has considerable influence, denies this, was confirmed after months of silence, refusing to "price war" oil was considered the theory "that talk about a price war sign misunderstanding intentional or otherwise, and has no basis of fact. " He stressed that Saudi Arabia's oil policy stable for decades and does not change today, though Riyadh is doing what it can with other producers to ensure price stability. But he did not clarify the exact position to be adopted in Vienna, Saudi Arabia. In the context of the circumstances, the climate of uncertainty is the master of the situation before Thursday's meeting. The issue lies in knowing whether Saudi Arabia would respond to calls to cut production quota. The expectations are open to all directions, but maintaining the status quo seems most likely. Mohammed Suroor Sabban, who was an adviser in the Ministry of Petroleum Saudi Arabia until 2013 to install the current ceiling had expected, with the recognition that this meeting will be "more difficult" for a long time for OPEC.Even if OPEC cut its stake productivity, "it is uncertain that production will decline actually" given to the non-compliance is often the ceiling limit, as Tim Pugh said Capital Economics Foundation. Analysts at Commerzbank "that the minimum expected and the most likely of the meeting is the members' commitment to respect the best ceiling set at 30 million barrels per day." Analysts say that any talk at the meeting from the cut will blow wide differences on production quotas, and that any cut timid will not be able to raise prices from current levels.
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