OPEC predicts a rapid decline in oil stocks

2016/10/12 17:34 77 visits readable

{International: Euphrates News} expect the Secretary General of the Organization of Petroleum Exporting Countries {OPEC} Mohammed Barkindo, on Wednesday, "a sharp and rapid decline in oil inventories."

Barkindo said in a press statement that "the oil stocks will fall in conjunction with the steps that we will give them, and so can restore balance to the market again."

Statements of the Secretary General of OPEC came on the sidelines of his participation in the work of the 23 World Energy Conference currently being held in Istanbul.

He pointed out that the man "Algiers Agreement on installing the production ceiling enjoined the Member States of the Organization, to consult and discuss issues related to production."

He added, "consultation not only among the OIC member states, but with all the oil producers around the world as well."

He stressed that the agreement, which he described as "historic", it was not a procedural step, but it was a decision taken unanimously by the fourteen Member States.

Members agreed in {OPEC} the end of last month to cut production to 32.5 - 33 million barrels per day from 33.4 million barrels in August / August.

Barkindo pointed out that the Algiers meeting was imposed on all producers, reduce oil inventories, and to accelerate as much as possible in the creation of a new equilibrium in the markets, in consultation with the {OPEC}.

He continued, "I see that there is an agreement in visions between oil producers, and even among consumers, whether they are members of OPEC or outside, on the need to create a climate of balance in the market again."

He said, "On November 30 / November next second, OPEC members will meet in the Austrian capital Vienna; to crystallize the agreement, which was reached in Algeria, and to identify producers quotas, and in this regard, Barkindo explained that it formed a high committee of OPEC in Vienna later this month , to prepare a report for the next meeting's agenda. "

The oil inventories consuming countries about 2.5 billion barrels, with total global daily production of 95.5 million barrels, according to OPEC data.

And crude oil prices suffer from oversupply of more than 500 thousand barrels per day and limited demand, with the decline in the developed and emerging economies together.

It consists OPEC members from 14 countries, are Iraq, Saudi Arabia, and the UAE, Qatar, Iran, Venezuela, Gabon, Algeria, Ecuador, Angola, Indonesia, Kuwait, Libya,