******** OPEC: Oil price is not commensurate with the mechanisms of supply and demand

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******** OPEC: Oil price is not commensurate with the mechanisms of supply and demand

Post  Admin on Sun Dec 28, 2014 4:32 am

12/28/2014 0:00

BAGHDAD Agencies
Confirmed Abdalla Salem El-Badri, Secretary General of the Organization of Petroleum Exporting Countries "OPEC", the price of a barrel this oil is not commensurate with the mechanisms of the market in terms of supply and demand, "The offer more than a demand by a simple, nor can these quantities lead to a decline in prices by about half." .

Al-Badri said in a press statement that the price of a barrel of oil in early 2014 was acceptable to the consumer and the product, expected to be extended OPEC countries formerly prescribed period for the completion of 177 projects worth $ 270 billion over the 2014-2018 period to another, due to lower oil prices.

He added: "Non-OPEC countries want to reduce the production of the organization to achieve high prices, OPEC will not cut production of about 30 million barrels per day."
Badri attributed the decline in oil prices to a surplus production from non-OPEC countries, amounting to 6.1 million barrels per day, and the occurrence of speculation in the oil market, demanding to wait until next summer to correct prices.

Stressing the organization continues to take all necessary measures for the global oil market stability and prevent the deterioration of oil prices.



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