The price of oil will be in the range of 30-50 U.S. dollars


MEXICO city, 5 Dec. Dmitry Znamensky. Oil prices in the near future will be in the range of 30-50 U.S. dollars, said Friday the oil analyst, the Director of PetroleumWorld energy Agency Elio EIA.

“The price of oil will not rise soon above $ 50 per barrel, and it is possible that it drops to 30 dollars, if the Asian economy will decline”, — says the analyst.

Friday in Vienna was next, 168-I, the OPEC meeting. Despite the low prices and the overabundance of raw materials on the market, the organization decided not to change quotas on oil production at 30 million barrels a day, and decided to keep unchanged the actual level of production that exceeds the quota by 1.5 million barrels. Officially, the quota for 2011 is 30 million barrels per day, but the organization regularly exceeds it. The Minister of petroleum resources Nigerian Emmanuel IBE Cacique explained that now the level of oil production by OPEC countries is 31.5 million barrels per day.

As noted by the EIA, a formal OPEC decision not yet published. “However, it seems that the organization will continue the policy of greater production, so as not to lose markets,” he said. This situation allows you to monitor and oil production in the U.S., not allowing it to grow.

“The ability of production is very important for these big players, like Saudi Arabia, especially against giant Russia, and when will enter the market of Iran with its 1 million barrels per day, the limit (production) will be exceeded,” he said.

According to the EIA, in March-April 2016 may change trends in the world economy and geopolitics, then, and OPEC may change its policy.