The Minister of oil of Saudi Arabia upbeat on the prospects of the market

Moscow. January 18. The Minister of oil of Saudi Arabia Ali Ibn Ibrahim an-Nuaimi expressed optimism regarding the prospects of oil prices, saying that the oil market will return to stability through the coordinated actions of the largest world producers, writes the newspaper the Wall Street Journal.

“The oil market throughout its long history has passed through periods of instability and hard price fluctuations. Now one of these periods. Market forces and coordinated actions of the countries-manufacturers of oil, always lead to the return of stability. This, however, will take some time,” said al-Nuaimi, speaking in Riyadh on Sunday.

Despite the fact that the current period of instability in the oil market has now stretched for more than 12 months, al-Nuaimi optimistic about market prospects. “I’m optimistic about the future, returning stability to the global oil market, improving price and cooperation among major producers of oil,” he said.

The cost of the March futures for Brent crude during trading on London’s ICE Futures exchange at 10:57 MSK amounted to $28,15 per barrel, which is $0.79 in (2,73%) below the level of Friday. Price contracts was lower during the session to the lowest since the end of 2003 to $27,67 per barrel.

The price of futures for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) dropped by this time for us $0.76 (2.58 per cent) to $28,66 per barrel.

Saudi Arabia, the largest oil producer in OPEC, has repeatedly made clear that he is not going to cut production, hoping to maintain its market share and to oust him from the company with high costs for oil production, including U.S. shale oil producers.

Following the meeting, 4 December 2015, OPEC said that will not adhere to the established quotas and we intend to keep the actual production level, amounting to about 31.5 million barrels a day. This decision has led to greater fall in world oil prices.

The Minister of oil of Nigeria Emmanuel IBE Cacique earlier this month said that OPEC is considering holding an extraordinary meeting before the scheduled meeting in July. According to him, the OPEC meeting could take place in early March, and Saudi Arabia is ready to support it.