The head of OPEC predicted increase in oil prices in 2016

Moscow. November 10. The reduction in global investment in oil production at $130 billion, is a prerequisite to the resumption of higher oil prices, said the Secretary-General of the Organization of countries-exporters of oil bdlla Salem al-Badri at a conference in Abu Dhabi on Tuesday. According to him, the oil markets will see positive results next year.

According to Bloomberg, the head of OPEC once again called upon States outside the cartel to reduce the supply of fuel to the world market. According to him, even if at the meeting of the 4 December OPEC will cut production quotas by 1.5 million barrels per day (bpd) from the current 30 million b/d, this will not be enough to ensure the equilibrium of supply and demand in the global market.

Al-Badri reiterated that OPEC will not agree to share the oil market is less than 40%, adding that the country-oil producers outside the group should “share the burden of cuts”. “We need a price at which manufacturers can invest, and consumers obtain their supplies. States need to cooperate. We really need to stabilize this market”, – said the head of OPEC.

He added that the cartel will do everything necessary to give Iran the opportunity to increase oil production after the lifting of international sanctions.

The international energy Agency expects that oil prices will rise to $80 just by 2020.