Oil Minister: The current decline of prices will not continue due to rise in 2016

2212 2015

Predicted oil minister Adel Abdul Mahdi, to stop the decline in crude oil prices in the global markets, which fell yesterday to $ 36 a barrel, the lowest in 11 years.
Said Abdul-Mahdi, in a press statement on the sidelines of the fifth and ninety-league organization OAPEC meeting which concluded the first day of Sunday in Cairo, that "the fall in oil prices impact on the economies of the exporting countries and investments in the oil sector," attributing the causes to "many factors that control the oil market, including political, economic and security as well as a glut in supply now. "
He revealed the oil minister for "exposure [OPEC] great pressure to reduce its production in order to enjoy additional countries from outside the quotas," asserting that "the current decline will not continue and must be that prices are rising again."
Said Abdul-Mahdi, "There is great hope in the return of oil prices in the first half of next year or at the end to what it was," pointing out that "economic factors remain stronger than others as the Chinese growth return to a normal level, as well as growth in Asia and Europe and rising rates in America can contribute to the increasing energy demand and rising prices. "
Global crude oil prices have experienced a morning of yesterday's Monday decline was the lowest in 11 years, having fallen to $ 36 as a result of renewed fears of an oversupply of oil in the world markets with production survival around the world at or near the high levels by about a record in addition to the approaching entry of new oil supply Iran and the United States market.
The Organization of Petroleum Exporting Countries at its meeting on the fourth of this month, raising the production level of 1.5 million barrels per day, to be a daily total of 31.5 million barrels, which led to lower oil prices, while said Abdullah al-Badri Secretary General of the Organization of Petroleum Exporting Countries (OPEC) week the past, that low oil prices will not last and will change in a few months or within a year.