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OPEC expects to increase global economic growth in 2015 and an increase in the production of non-members
Thursday November 27, 2014 15:15
Alsumaria News / Baghdad
Organization of Petroleum Exporting Countries predicted (OPEC), on Thursday, a rise in the growth of the global economy in 2015, in addition to an increase in oil production from countries outside the organization, referring to the loss of more than $ 30 in the price per barrel.
The Secretary General of the Organization Abdullah al-Badri during his speech today at the opening of the organization meeting in the Austrian capital Vienna and followed up with "Alsumaria News", that "despite some doubts from some quarters about global economic growth, but it is still expected to grow This economy in 2015 to 3.6 per cent from 3.2 per cent in the current year, "he said, adding that" it is also expected that the demand for crude oil to grow by 1.1 million barrels per day, with total world consumption of about 92.0003 million bpd ".
Badri added that "it is expected that there will be an increase in the supply of oil from countries that are outside of OPEC and by 4.1 million barrels per day."
Badri pointed out that "the OPEC basket has lost more than $ 30 from the price of a barrel recently despite the fact that the OPEC basket prices have been fairly stable over the past three and a half years," noting that "these prices ranged during the period between 105 and $ 110 per barrel. "
Badri said that "the recent drop in prices could not be attributed exclusively to the oil market fundamentals, but rather the effect of speculative activity in the oil market in spite of the abundant and moderate demand and the strength of the US dollar supplies and uncertainty over global economic growth."
He stressed Badri that "with the continuing decline in prices, it is we need a long-term sustainable future for our plans develop, and that the focus in our meeting and our discussion to contribute to stability in the market and in a form that serves producers and consumers alike," asserting that "the deterioration of oil prices would makes the investment projects of the OIC countries at risk. "
Fell Brent oil prices near its lowest price over four years during today's trading session on Thursday with the start of the Organization of Petroleum Exporting Countries meetings (OPEC), to record these prices January delivery increased by 1.9%, the lowest level in the session by $ 76.28 a barrel.
The Ministry of Oil, in (November 5, 2014), that the $ 100 per barrel, the price is suitable for Iraq, noting that the decline in the price per barrel to below $ 85 an impact on the Iraqi economy and the budget.
The OPEC members, including Kuwait, said in a press statement ahead of the organization meeting that he is unlikely to make a cut in production at the next meeting of the organization, but some delegates began talking informally about the need to take action, but they point out that reaching an agreement will not be easy.
It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light Iraqi export Kuwaiti and Libyan Sidr and Bonny Light Nigerian maritime Qatari light and Saudi Arabian and Murban UAE and Mary Venezuelan Orient from Ecuador.
The OPEC, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.
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Thursday November 27, 2014 15:15
Alsumaria News / Baghdad
Organization of Petroleum Exporting Countries predicted (OPEC), on Thursday, a rise in the growth of the global economy in 2015, in addition to an increase in oil production from countries outside the organization, referring to the loss of more than $ 30 in the price per barrel.
The Secretary General of the Organization Abdullah al-Badri during his speech today at the opening of the organization meeting in the Austrian capital Vienna and followed up with "Alsumaria News", that "despite some doubts from some quarters about global economic growth, but it is still expected to grow This economy in 2015 to 3.6 per cent from 3.2 per cent in the current year, "he said, adding that" it is also expected that the demand for crude oil to grow by 1.1 million barrels per day, with total world consumption of about 92.0003 million bpd ".
Badri added that "it is expected that there will be an increase in the supply of oil from countries that are outside of OPEC and by 4.1 million barrels per day."
Badri pointed out that "the OPEC basket has lost more than $ 30 from the price of a barrel recently despite the fact that the OPEC basket prices have been fairly stable over the past three and a half years," noting that "these prices ranged during the period between 105 and $ 110 per barrel. "
Badri said that "the recent drop in prices could not be attributed exclusively to the oil market fundamentals, but rather the effect of speculative activity in the oil market in spite of the abundant and moderate demand and the strength of the US dollar supplies and uncertainty over global economic growth."
He stressed Badri that "with the continuing decline in prices, it is we need a long-term sustainable future for our plans develop, and that the focus in our meeting and our discussion to contribute to stability in the market and in a form that serves producers and consumers alike," asserting that "the deterioration of oil prices would makes the investment projects of the OIC countries at risk. "
Fell Brent oil prices near its lowest price over four years during today's trading session on Thursday with the start of the Organization of Petroleum Exporting Countries meetings (OPEC), to record these prices January delivery increased by 1.9%, the lowest level in the session by $ 76.28 a barrel.
The Ministry of Oil, in (November 5, 2014), that the $ 100 per barrel, the price is suitable for Iraq, noting that the decline in the price per barrel to below $ 85 an impact on the Iraqi economy and the budget.
The OPEC members, including Kuwait, said in a press statement ahead of the organization meeting that he is unlikely to make a cut in production at the next meeting of the organization, but some delegates began talking informally about the need to take action, but they point out that reaching an agreement will not be easy.
It consists of OPEC basket of 12 crude, which is a mixture of the Algerian Sahara ore Girassol Angolan Iranian heavy crude and Basrah Light Iraqi export Kuwaiti and Libyan Sidr and Bonny Light Nigerian maritime Qatari light and Saudi Arabian and Murban UAE and Mary Venezuelan Orient from Ecuador.
The OPEC, which was founded in Baghdad in 1960 by agreement between the five countries are Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, and is headquartered in Vienna, one of the largest supervising international organizations to regulate the export of oil and set the prices, and has a current membership of 12 oil exporter, has a whole between two-thirds and three-quarters of global oil reserves.
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