Confirmed Iraq's oil minister and OPEC President Abd al-Karim and coffee on Monday that the large surplus in supply led to a sharp decline in oil prices over a short period of time and he believes that the price of oil between $ 100 and $ 120 a barrel is more appropriate.
Said coffee for health, it is clear that the massive surpluses have led to the sharp decline in prices over a short period of time and this will not serve anyone. He added that a price between $ 100 and $ 120 a barrel would be acceptable and appropriate more but declined to comment on the course of action which is expected to be taken by OPEC at its next scheduled meeting on Thursday, saying that the organization will take its decision after a comprehensive review of market conditions. He said he expected Iraq's exports to rise to 2.9 million barrels per day in 2013 from 2.4 million now.
It is scheduled to be held OPEC meeting in Vienna on Thursday to put its productivity. And increases the production of OPEC members is currently about two million barrels per day from the roof of the agreed production of 30 million barrels per day to reach produced its highest level since 2008. The oil is trading currently at about $ 100 a barrel, after falling from the highest level in four years of $ 128 a barrel hit in March. The fears of slowing the pace of recovery in the global economy have been frustrated prices.
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