Oil, clash between producers. OPEC: “Production irresponsible” – The Republic

Oil, clash between producers. OPEC: "Production irresponsible" – The Republic

MILAN – doffing of shields against OPEC countries not members of the organization. According to OPEC, in fact, the decline in crude oil prices, now the lowest level since 2009 at $ 55 a barrel, is due – especially – the overproduction of States outside the organization. The accusation came from an energy forum in the race in Abu Dhabi, where the Minister of the UAE, Suhail al-Mazrui, has called “production irresponsible” to “some producers outside the organization.”

stance shared by the powerful Saudi oil minister, Ali al-Naimi, who confirmed the position of Riad to maintain the current crude production, warning that continue to do so even if the non-OPEC countries decide to reduce it: “If they want cut are welcome but we do not we will reduce, certainly Saudi Arabia will not do “while being” 100 percent dissatisfied “t he cost of oil.

The confirmation of the hard-line also comes from Kuwait’s oil minister, Ali al-Omair, that OPEC does not need to cut crude oil production and there will be no need for any extra-ordinary summit sign of the 12 producing countries, and therefore “until June” there will be news.

In the focus of the organization are primarily Russia, Mexico and the United States. And if for the majority of states the temporary drop in prices is not a major problem, it is for Venezuela grappling with a budget deficit out of control.

Still, OPEC, to voice the Secretary-General Abdullah al-Badri, “hopes to see a rebound in the price for the end of the second half of 2015. We can not predict the market now, we have to wait until the end of the second half of next year to see what the reactions to these low prices. “

Topics :

Oil

OPEC

oil production

venezuela

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