opec members meet to discuss oil prices
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

OPEC members meet to discuss oil prices

Arab Today, arab today

Arab Today, arab today OPEC members meet to discuss oil prices

OPEC members
Vienna - XINHUA

The 166th meeting of the Organization of Petroleum Exporting Countries (OPEC) Conference has begun in Vienna Thursday to discuss current oil price trends and provide an outlook for 2015.
In an opening address the President of the Conference Abdourhman Ataher Al-Ahirish said "ample supply, moderate demand, a stronger U.S. dollar and uncertainties about global economic growth" along with speculative activities have been the key factors in a trend in recent months of falling oil prices of almost 30 percent.
An improvement in the situation is however expected for 2015 as the organization expects the global economic recovery to continue, anticipating world oil demand will grow by 1.1 million barrels per day to 92.3 million barrels.
Al-Ahirish said however that if the more recent price trends were to continue, it could put expansion plans and investment projects at risk. He added the attendees of the conference will focus their discussions toward maintaining stability in the oil market.
Some analysts said that OPEC needs to cut at least 3 percent production, or roughly one million barrels, to stop the retreat of oil prices. If the organization keeps production steady or reduces only a small amount, crude prices could fall further, they said.
However, analyst Cornelia Meyer of MRL told Xinhua that the conference "will not cut or cut very little because the majority of the countries have said they don't see the need to cut and there is no need to panic".
Crude prices dropped on Wednesday, one day before OPEC members meet in Vienna to discuss responses to a supply glut that has dragged down oil prices by a third since June.
Till now, some members of the organization have signaled that the group is unlikely to make a production cut.
Saudi Oil Minister Ali Al-Naimi said on Wednesday in Vienna that he expected the oil market to stabilize itself eventually, further boosting expectation that Saudi Arabia, the group's top producer and exporter, would not support a production cut at the upcoming meeting.
United Arab Emirates Energy Minister Suhail Al-Mazrouei said Wednesday: "I am confident that we will take the right decision to stabilize the market. The market is getting bigger. OPEC is not targeting a certain price."
U.S. crude stockpiles added 1.9 million barrels to 383 million barrels last week, according to a report released by Energy Information Administration on Wednesday. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. crude, gained 1.4 million barrels to 24.6 million.
Light, sweet crude for January delivery moved down 40 cents to settle at 73.69 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 58 cents to close at 77.75 dollars a barrel.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec members meet to discuss oil prices opec members meet to discuss oil prices

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec members meet to discuss oil prices opec members meet to discuss oil prices

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday