OPEC decreased yield, but the price still goes down
The General Secretary of the Organization of petroleum exporting countries Slem Abdala El Bardi said today that overloaded oil market needs greater reduction of quotas for extraction of oil, Iranian daily reported. A little earlier today, the oil minister of Saudi Arabia Ali al Naimi said that the cartel have reached consensus around a decision to reduce quotas early next year by 2 million barrels per day. Baked today held a regular meeting to determine its policy in Oran, Algeria.
At 15:00, despite the expected decision to reduce quotas for oil extraction got cheaper with 0.53 percent to 43.37 dollars for a barrel. Venezuelan oil minister Rafael Ramirez said the organization will decrease by at least 1 million barrels per day. Russia expressed readiness to provide joint support of the cartel, the lower the yield by 320 000 barrels per day, said Deputy Prime Minister Igor Sechin country. Russia, which is the largest producer of oil outside OPEK, does not consider to accede to the cartel. Azerbaijan, whose representative also attended the meeting as an observer in Oran again considering lowering the yield by 300 000 barrels per day.
Labels: Business News
posted by Zoritza Petrova @ 7:14 AM
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