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OPEC: the true picture of the market will not be clear before the end of June
3/10/2015
Cairo - Agencies
ruled Executive and Founding Director of Diamond Consulting Mazen Salhab, to implement the "OPEC" radically change its oil policy, as will progress to step lose part of its share in the global market, so the price of oil will remain under pressure for the time being.
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Abdullah Al-Badri said, "The Member States should not cut output in order to" support price "top rock cost of oil is a source of energy, OPEC says that the increase in production recently is the cause of the weakness of the oil markets. Abdullah added Badri told the conference in Bahrain, said the shale oil "is not a challenge for us," but we must let the market now to decide which oil exporter, could continue at current prices.
He pointed out that OPEC welcomes shale oil, but as a source of energy cost more, allowing produce it. He said he can not production at $ 70-80 or $ 90, but you need more than $ 100 for the production, sale, and generate income from it.
He pointed out that OPEC can not support the price of another source of energy. He added that it could not continue to cut production at a time, and oil shale "is not a challenge for us. "He added that the organization welcomes him but on the market to decide now.
Badri said, too, that the producers of OPEC and outside must decide to work together to stabilize the markets, pointing out that the abundant supply of up to two million barrels a day.
He said that since 2008 increased supplies from outside OPEC about six million barrels per day while OPEC production has stabilized at about roughly 30 million barrels a day.
He said that the true picture of the market will not be clear before the end of June. He said he has no doubt that the market will return to balance in the second half of 2015.
He said that now the market is improving and that there is still a tremendous opportunity in the oil despite the volatility and uncertainty in the market recently. He predicted energy demand growth of 60 percent by 2040 and that oil remains a key source of energy.
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3/10/2015
Cairo - Agencies
ruled Executive and Founding Director of Diamond Consulting Mazen Salhab, to implement the "OPEC" radically change its oil policy, as will progress to step lose part of its share in the global market, so the price of oil will remain under pressure for the time being.
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Abdullah Al-Badri said, "The Member States should not cut output in order to" support price "top rock cost of oil is a source of energy, OPEC says that the increase in production recently is the cause of the weakness of the oil markets. Abdullah added Badri told the conference in Bahrain, said the shale oil "is not a challenge for us," but we must let the market now to decide which oil exporter, could continue at current prices.
He pointed out that OPEC welcomes shale oil, but as a source of energy cost more, allowing produce it. He said he can not production at $ 70-80 or $ 90, but you need more than $ 100 for the production, sale, and generate income from it.
He pointed out that OPEC can not support the price of another source of energy. He added that it could not continue to cut production at a time, and oil shale "is not a challenge for us. "He added that the organization welcomes him but on the market to decide now.
Badri said, too, that the producers of OPEC and outside must decide to work together to stabilize the markets, pointing out that the abundant supply of up to two million barrels a day.
He said that since 2008 increased supplies from outside OPEC about six million barrels per day while OPEC production has stabilized at about roughly 30 million barrels a day.
He said that the true picture of the market will not be clear before the end of June. He said he has no doubt that the market will return to balance in the second half of 2015.
He said that now the market is improving and that there is still a tremendous opportunity in the oil despite the volatility and uncertainty in the market recently. He predicted energy demand growth of 60 percent by 2040 and that oil remains a key source of energy.
[You must be registered and logged in to see this link.]
