MOSCOW, December 4. OPEC has decided to bring his quota to the real prey.
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The Secretary General of OPEC: the organization works with IG
Novak: OPEC decided to bring his quota to the real production
Bloomberg: OPEC increased the quota for oil production to 31.5 million barrels a day
About it has informed journalists the Minister of energy Alexander Novak, commenting on the statement by the Agency Bloomberg with reference to a delegate of OPEC that in the 168 th meeting of the organization has increased the quota for oil extraction by 1.5 million barrels per day to 31.5 million barrels/day.
“OPEC quota has led to the production. Of course, it would be more appropriate to do the opposite – to align production to the quota that has been established,” he said.
Of course, it would be more appropriate to do the opposite – to align production to the quota that has been established,” he said.
“We again affirm that the market will adjust the situation associated with balance of supply and demand,” said Novak.
He reminded that now in the market there is oversupply, but it will gradually decrease due to the fact that due to low prices will reduce investment, resulting in the production will be less and the balance of supply and demand will be ensured in the medium term.
The decision on quotas
As previously reported, referring to Bloomberg, OPEC in the 168 th meeting raised the quota for oil extraction by 1.5 million barrels per day to 31.5 million barrels per day excluding Indonesia.
However, OPEC Ministers were not following the meeting to announce the parameters of the production quotas of oil cartel next year. The lack of a decision effectively means that the countries will maintain the current level of production (about 31.5 million barrels of oil per year) and will not be returned to the “ceiling” of 30 million barrels of oil per day, told journalists the President of OPEC, the oil Minister of Nigeria Emmanuel IBE Cacique.
“If you want, can supply the present,” he said following the conference that was perhaps the first in a long time, when the quota settings were not announced officially.
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© EPA/SERGEI ILNITSKY
OPEC: falling investment in the oil industry in 2015 will amount to $130 billion
At the previous OPEC meeting, which was held in June, the members of the cartel decided to keep production quotas oil unchanged at 30 million barrels per day, despite a sharp drop in world oil prices.
The price of Brent crude fell 1.7% to 43.1 $ /bbl, after rising 1.5% before the OPEC decision.
In the part of OPEC includes 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola.
OPEC. Help
September 14, 1960, five countries (Saudi Arabia, Venezuela, Iran, Iraq and Kuwait) agreed in Baghdad on the establishment of the Organization of countries-exporters of oil.
Currently, OPEC consists of 12 States: in addition to the five founders, Qatar, Libya, United Arab Emirates, Nigeria, Algeria, Angola and Ecuador (in 1992 left the organization because of disagreements on distribution of quotas on oil production, in November 2007 restored the membership). In the meetings of OPEC largest oil producing countries (Russia, Norway, Mexico, Azerbaijan, etc.) can participate as observers.
In January 1961 Charter was ratified by OPEC, according to which the main objectives of the organization become coordination of policies of member States in the field of oil production and targets – ensure regular oil supplies and the stabilization of the situation on the oil markets. In 1962, OPEC was registered at the UN as an intergovernmental organization.
The Supreme body of the OPEC conference convened, as a rule, in Vienna at least twice a year. At the conference the countries represented by the Ministers of the oil industry. Decisions are taken by consensus.
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© Ruslan shamukov/TASS
The battle for oil: OPEC competitors
