Oil falls .. and all eyes are on "OPEC" meeting

History of edits:: 2015/11/30 13:07 • 51 visits readable

A meeting to be held on the 4th of December / December, which Members will determine the policy in the face of the oil market, which is still oversupplied.
And taught members of the Organization of Petroleum Exporting Countries {OPEC}, and that Member States owns about 40% of the global output of oil, during their meeting in oil prices, which lost nearly 60% of their value since mid-2014, and is now trading as below $ 45 a barrel.
Analysts and officials that the four Gulf states {Saudi Arabia, UAE, Kuwait, Qatar}, particularly Saudi Arabia will refuse to reduce the cartel's production, in spite of warnings that such a decision could lead to a further decline in prices.
According to experts in the markets, the Gulf states, which cover about half of the Organization's production of 32 million barrels per day, we want commitments from other producers outside the Organization that they are prepared to cut their production in turn.
The Riyadh hinted last week that it was ready to cooperate with other oil producers to ensure stability in the market and support prices.
He said one economist: "I do not desire among Gulf producers to change their policy list in defending market share and not the price, in spite of the large losses.
"Previously, Venezuela, a member of {OPEC}, that warned of a decline in the price of oil to $ 20 a barrel in the absence of production cuts.
The" OPEC "meeting at a time of overflowing supply of oil in the global market demand, while the inventory record levels close to three billion barrels, three times higher than the usual quantities.
The International Energy Agency has said earlier this month that global oil demand growth will slow next year. The organization is expected to be growth up to 1.2 million barrels per day in 2016, compared to 1.8 million in 2015.
Under these low prices, the investment attractiveness of the sector down, and therefore will reduce the supply may result in a jump in prices in the future.
She said Riyadh this month that new investment projects in the field of oil at more than $ 200 billion has been abolished in the world, and that additional steps are similar is expected in 2016.
In terms of trading, oil prices tend to decline by 10 percent this month after it proved optimistic estimates that the abundance error the supply of oil will be reduced.
fell futures US crude for delivery in January during trading Monday November 30, by 0.38% to $ 16 cents to $ 41.55 a barrel.
The futures fell global mix "Brent" delivery the same month by 0.58 What% of $ 26 cents to $ 44.60 for Brmel.anthy
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