Specialist oil: oil production is not enough and won't last long.


Oil-exporting countries have reached "an historic agreement" on reducing oil production to a level between 32, 5 to 33 million barrels, with competent Economic Affairs emphasized by Ehab Mohammed Ali, that oil production Pact step is sufficient to absorb the logistical supply glut caused by the loss of a quota system.

He said in a statement that "Saudi increase market share by more than 3 million barrels Iran and Syria shares offset argument and Yemen under levels when you return to the markets and has produced a major glut is displayed, indicating that the quota system was the most productive States justice being the production quota was calculated in proportion to the respective State reserve and return to this system will remain the ruling market chaos.

He said that "this deal won't last long due to recent oil market equivalents subject policy circles over the economy which suggests the return States to increase production rates at the earliest opportunity, thus restoring the agreement to scratch."

OPEC members held a meeting on the sidelines of the International Energy Forum in Algeria on Wednesday and reached an agreement to reduce production to between 32.5 and 33 million barrels per day.

OPEC estimates the current output at 33.24 million barrels a day.

According to sources in OPEC, the organization is expected to agree on production levels of each of the Member States at their meeting in Vienna on November 20.

After reaching the level that OPEC will target the organization behind supporting independent producers to contribute to relieve a glut supply, sources said.