The Secretary General of OPEC: countries outside of OPEC should cut oil supply

The Secretary General of OPEC: countries outside of OPEC should cut oil supply


Reduction of investments into the industry to $ 130 billion will help to lead to a rise in oil prices, said OPEC Secretary General Abdullah al-Badri.

MOSCOW, 10 Nov. The countries outside of OPEC should cut oil supply, OPEC will not allow the reduction of its stake below 40%, said OPEC Secretary General Abdullah al-Badri.

According to him, reduction of investments into the industry to $ 130 billion will help to lead to a rise in oil prices. However, the reduction in quotas by OPEC countries on 1,5 million barrels a day at a meeting on 4 December will help balance the oil market, quotes the words of the Secretary General of OPEC Bloomberg.

“We need the price at which the countries that produce oil, can invest, and consumers can buy. States must work together. We need to stabilize this market,” said al-Badri.

Since the beginning of summer 2014 to early 2015, oil prices have fallen more than twice — from 100 to 45 dollars per barrel mark Brent. The collapse in prices last year has reinforced the decision by OPEC November 27 save quota for oil production at 30 million barrels per day.