Media: the majority of OPEC members against the holding of the emergency meeting

Media: the majority of OPEC members against the holding of the emergency meeting


As of this morning, a number supported the holding of the emergency meeting of countries, which is required for its convocation, has not been reached, the sources said the OPEC.

MOSCOW, 2 Feb. The majority of the members of the Organization of countries-exporters of oil (OPEC) does not support the holding of an emergency meeting before the scheduled June regular meetings, reports Dow Jones citing sources in the organization.

Venezuela has previously proposed to hold an emergency OPEC meeting to discuss the concerns of low oil prices, in February. The proposal was supported by Algeria, Nigeria and Ecuador. However, the meeting took place, you need the consent of the other members of OPEC.

“As of this morning, the number of supported countries meeting, which is required for its convocation, was not reached,” — according to sources in OPEC. According to the interlocutor of Agency, the majority of members saw no need for a meeting amid lack of consensus about what should be done.

As reported on Monday, the Ministry of energy of the Russian Federation, the head of the Ministry Alexander Novak at the meeting with the Minister of mining of Venezuela, Eulogio Del Pino discussed the possibility of holding in the near future consultations on oil countries and non-OPEC, and reiterated his readiness to participate in them.

Since the beginning of summer 2014 to the end of 2015 oil prices have fallen more than tripled — from 115 to 36 dollars per barrel of Brent, and in 2016 already dropped below $ 30. Fundamentally the decline is due to the high level of production in a world with slower demand, including because of the situation in China. However, such a deep drop (below $ 40-50) experts have been increasingly linked to financial factors, including the strengthening of the dollar. In forecasts they are generally single — low oil prices for a long time.