OPEC: Treatment of market problems is not our mission on our own .. 65% of production outside the Organization

Publication of January 6, 2016 - 09:28

Confirmed Abdullah al-Badri; the Secretary General of the Organization of Petroleum Exporting Countries "OPEC", that the Organization were not negative - also accuses other - toward changes in the crude oil market, especially with the continued decline in prices, pointing out that some were waiting for such a step is not well thought out can not to provide them.

Badri said, in the first analytical bulletin of the organization after the recent ministerial meeting of OPEC in December (last December): "always adopt a positive feedback and appropriate, even if some did not accept them, and the focus at the current stage to follow up and monitor the market and analysis of economic variables."

The bulletin stressed that OPEC can not alone cure the current problems in the oil market, because it is simply and clearly do not represent more than 40-35 per cent of the global production of oil and supply their production, while there is still a proportion of 60-65 per cent of production coming from outside OPEC ".

The bulletin, the global oil market, take part in the production of all OPEC producers and producers outside OPEC, and therefore the joint responsibility and success requires broad collaboration of everyone without downloading responsibility for the party without the other.

Bulletin quoted Badri as saying: "We hope that producers evaluate performance well and are studying the idea of ​​a well-cut production, so if consensual and implementation of all producers in OPEC and outside." He stressed the need to negotiate more with the producers outside OPEC to reach a common vision supports teamwork and contribute to the stability of the market. "

He pointed out that the problem increased burden on producers since the loss of crude oil price of 60 per cent, where everyone now realized the broad effects of lower oil prices on the economies of producing countries and the welfare of its citizens.

And looks forward "OPEC" in the new year to hold more meetings and contacts with producers outside of OPEC, in order to exchange views on market conditions and in order to reach a unified perceptions facilitate access to some common goals, particularly the stability and growth of the market.

And it showed, that the consultation between producers, is a top necessity and an urgent need to examine the factors affecting the market and ensure the maintenance of a good level and appropriate rates per producers and investors.

She pointed out that the organization has already held technical meetings successful with many of the major oil producers outside OPEC members, and was led by Russia, and we can say that the response was positive and effective, according to satisfactory levels for all, adding: "But we must realize that the joint teamwork between producers need a long time to grow up and mature and illustrated dramatically investigation and development of this cooperation mechanisms. "

Organization bulletin added that producers need a constant negotiation and expanding continuously, to include more of the non-OPEC countries and the widening circle of collaborators producers is to support the required collectively to a joint effort is in favor of supporting the stability of the market.

He added, that the presence of Indonesia again in the "OPEC" membership after a period of suspension of its membership represents an important addition to the system work in the "OPEC", as it contributes to address the current market problems, in addition to that there is an added advantage as well; is that Indonesia is a member of an important the International Energy Agency, making it serve as a bridge between producers and consumers.

She drew the bulletin that "OPEC" is growing its role and membership will expand the circle, and will work through the old and the new members to make every effort to achieve stability in the oil market; which is in the interest of all players in the market.

He noted that Indonesia's return to OPEC came in a difficult and delicate time in the history of the oil industry because of the increased pressures heavily on global crude oil prices, making it recorded the highest levels in decline; and these pressures poised to increase in the short term, and therefore looks forward "OPEC" to Indonesia contributions in support of the restoration of stability and growth in the crude oil market mechanisms.

She explained, that "OPEC" is convinced that the current stage requires amble and market research and analysis of economic variables, a task that is no mean feat, especially as we monitor a broad decline, "expected in the production of countries outside the" OPEC "including heralds contraction of excess oil, which is currently more than two million barrels Daily.

In another context respect to prices, oil prices deflated early gains yesterday due to the impact of Chinese economic data gloomy sentiment on the market already burdened by continued high production levels.

In early trading oil futures rallied, tracking Asian stocks but quickly retreated later, after data showed that the movement of freight by rail in China, recorded the largest annual drop ever in 2015, raising questions about the extent of the second-largest economy, a slowdown in the world, and its impact on oil demand.

By at 08:32 GMT, Brent crude to $ 37.09 a barrel, down 13 cents from the previous close reached, while West Texas crude fell US mediator nine cents to $ 36.67 a barrel.

Oil prices have fallen the European market yesterday, extending losses for a second day in a row after weak data in the United States and China, increased fears of a slowdown in global demand, at a time when oversupply exacerbated in the markets.

By the time the 0800 GMT US crude fell to $ 36.70 a barrel from the opening level of $ 36.90 and recorded the highest at $ 37.08 and the lowest level of $ 36.68.

Brent crude was down to $ 37.05 a barrel from the opening level of $ 37.34 and recorded the highest level of $ 37.56 the highest since December 15 (December), and the lowest level of $ 37.03. It showed a contraction of the manufacturing sector in the United States data through December (December) for the second consecutive month, marking the worst performance in more than six years, and in China shrinking manufacturing sector over the past month for the tenth month in a row, in a new negative signs confirming slowing growth of the economy Universal, which weakens the hopes of improved demand for oil.

The report was issued last month by the United Nations, confirmed the faltering global economy in 2015, it is not expected to significantly improve happen during the years 2016-2017.

At a time when increasingly the signs of weakness in global demand exacerbated a glut of oil supply in the market, especially in light of expectations of rising Iran exports 500 thousand barrels per day, after the lifting of international sanctions officially this month, in conjunction with the rise in the production of Saudi Arabia, near record highs, and pumping Russia production exceeded levels Soviet era. The OPEC crude basket rose and the record price of $ 31.79 a barrel on Monday, compared to $ 31.27 a barrel the previous day.

It said the daily report of the Organization of Petroleum Exporting Countries "OPEC", yesterday, said that the price of the basket of 12 crude produced by the Member States rose for the first time after five consecutive declines, and that basketball has retained almost the same price recorded on the same day from the previous week, which was the to $ 31.71 a barrel.