Countries - OPEC members have until the end of the year to decide to change the quota of oil production. This possibility does not exclude the OPEC Secretary General Abdalla Salem al-Badri, as he said in Vienna at a press conference on the 50 th anniversary of the organization.
"Currently, oil market is quite enough - he said. - We closely monitor the situation, the market behavior and the trends that can occur before the end of the year. Everything will depend on the circumstances. If demand increases, we will increase production of oil, if reduced, then we decrease its prey. By the end of the year, we still have two meetings - one month later, another in December. In the meantime, the Secretariat remains in close contact with ministers and furnishes them with operational information. "
OPEC Secretary-General also found that almost half of the countries - OPEC members do not adhere to individual quotas and caught more than the allocated limits, ITAR-TASS.
In an interview published on Tuesday Handelsblatt newspaper al-Badri also expressed the view that demand for oil, the price of which is now a "normal" in the world in the next 12 months will grow.
"The current level of prices in the area of $ 80 per barrel is normal" - quoted by al-Badri said. According to him, in the next year we should expect oil demand growth - a move back over "thanks to a new global economic recovery, particularly intense in Asia
Showing posts with label OPEC. Show all posts
Showing posts with label OPEC. Show all posts
9/14/10
9/9/10
Oil is traded in different directions on the background data on the labor market report, OPEC and the U.S.
The cost of oil is moving in different directions on the background of a decrease in the number of initial applications for unemployment benefits in the United States and statements by OPEC about a possible decrease in demand for raw materials, according to data trading. The cost of the October futures for U.S. light crude oil WTI (Light Sweet Crude Oil) in electronic trading in New York as of 7:45 Moscow time the dollar rose 0.49, or 0.66% - up 74.74 per barrel . Spot price of North Sea petroleum mix of mark Brent at 7:50 Moscow time the dollar fell by 0,3, or 0,39% - to 76.27 per barrel.
"Stock markets rose slightly after the publication of better-than-expected data on unemployment in the U.S., and oil prices jumped on this background in the price" - leads the agency Bloomberg according to general director CWA Global Markets Pty McGuire, Peter (Peter McGuire). Demand for raw materials increased after the United States on Thursday was published statistics on the labor market. The number of initial applications for unemployment benefits for the week ending Sept. 4, fell by 27 thousand compared to the previous week - up to 451 thousand Analysts had expected the number of initial applications will be 470 thousand
Moderate pressure on the market at the same time may have published on Thursday monthly report of the countries - exporters of petroleum. OPEC experts believe that global oil consumption could decline in the remaining months of this year due to "acute economic crisis and its prolonged effect on the global economy." Support to the market of "black gold" have a Friday news from Asia. According to the updated assessment, economic growth in Japan in April - June this year amounted to 1,5%. Earlier it was reported that GDP grew in the II quarter at only 0.4% compared with January - March. Furthermore, as it became known the day before oil reserves in the U.S. for the previous week declined by 1.85 million barrels against the expected growth of 1 million
"Stock markets rose slightly after the publication of better-than-expected data on unemployment in the U.S., and oil prices jumped on this background in the price" - leads the agency Bloomberg according to general director CWA Global Markets Pty McGuire, Peter (Peter McGuire). Demand for raw materials increased after the United States on Thursday was published statistics on the labor market. The number of initial applications for unemployment benefits for the week ending Sept. 4, fell by 27 thousand compared to the previous week - up to 451 thousand Analysts had expected the number of initial applications will be 470 thousand
Moderate pressure on the market at the same time may have published on Thursday monthly report of the countries - exporters of petroleum. OPEC experts believe that global oil consumption could decline in the remaining months of this year due to "acute economic crisis and its prolonged effect on the global economy." Support to the market of "black gold" have a Friday news from Asia. According to the updated assessment, economic growth in Japan in April - June this year amounted to 1,5%. Earlier it was reported that GDP grew in the II quarter at only 0.4% compared with January - March. Furthermore, as it became known the day before oil reserves in the U.S. for the previous week declined by 1.85 million barrels against the expected growth of 1 million
OPEC: The needs of the world economy in crude oil will increase in 2011 to 86.56 million barrels a day
The needs of the world economy in the crude oil will increase in 2010 compared with last year at 1.05 million barrels per day to average 85.51 million This forecast is contained in a monthly report, OPEC's status in the global oil market. In the future, this figure will increase by 1.05 million barrels, to reach 86.56 million a day, ITAR-TASS.
Experts believe that OPEC, the increase in oil demand due to the rather rapid development of world economy, which this year will amount to 3,9%. Next year, world economic growth to decelerate to 3.6%. In China, they will account for respectively 9,5% and 8,6% in India - 8,2% and 7,7% in the USA - 2,2% and 1,9% in Japan - 2.5% and 1 , 3%, while in the euro zone countries - 1.2% and 1%. Most of the growth of consumption of crude oil will be in countries outside the Organization for Economic Cooperation and Development (OECD) countries - China, India, Latin America and the Middle East.
According to the report that oil production in countries outside of OPEC, will rise this year to 0.92 million barrels per day and will reach 52.06 million, and next year will increase to 52.42 million Thus in Russia the production of oil will increase in 2010 to 0.17 million barrels per day and will be 10,09 million current forecast of 20 thousand barrels more than the one that was launched a month ago. OPEC experts explain this circumstance the general rehabilitation of oil industry, as well as putting in place a small deposit "linear" and escalating of volumes on the South Hylchuyskom field.
Experts believe that OPEC, the increase in oil demand due to the rather rapid development of world economy, which this year will amount to 3,9%. Next year, world economic growth to decelerate to 3.6%. In China, they will account for respectively 9,5% and 8,6% in India - 8,2% and 7,7% in the USA - 2,2% and 1,9% in Japan - 2.5% and 1 , 3%, while in the euro zone countries - 1.2% and 1%. Most of the growth of consumption of crude oil will be in countries outside the Organization for Economic Cooperation and Development (OECD) countries - China, India, Latin America and the Middle East.
According to the report that oil production in countries outside of OPEC, will rise this year to 0.92 million barrels per day and will reach 52.06 million, and next year will increase to 52.42 million Thus in Russia the production of oil will increase in 2010 to 0.17 million barrels per day and will be 10,09 million current forecast of 20 thousand barrels more than the one that was launched a month ago. OPEC experts explain this circumstance the general rehabilitation of oil industry, as well as putting in place a small deposit "linear" and escalating of volumes on the South Hylchuyskom field.
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