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Four countries fail to agree on reducing the volume of production by the "OPEC" meeting
Negotiations brought together representatives from the major oil countries failed included Saudi Arabia and Venezuela, the two countries member of the Organization of Petroleum Exporting Countries "OPEC", Russia and Mexico, to achieve an agreement between the four countries to reduce the size of its oil production, prior to the Organization regular meeting ordinary No. 166, scheduled to be held at the headquarters of Organization President in the capital Vienna on Thursday.
Analysts expect economists and oil industry experts in Vienna, to be the next "OPEC" meeting of the most difficult meetings witnessed by Minister of Energy and Petroleum, due to the significant decline in world oil prices, as a result of weak economic growth rates in Europe and the slow growth of the Chinese economy compared to previous expectations and increasing the supply of oil on the world market, is led to the loss of a barrel basket organization products for more than a third of its market value, falling to $ 75.7 per barrel.
Analysts say that Member States should OPEC, which produces about a third of world oil production by 30 million barrels per day, making a decision that would reduce the total daily production of the Organization size by one million barrels per day, to absorb surplus displayed in the global market, to pay the price to rise gradually, expecting in return stuck countries such as Iran, Libya, and Iraq production quotas because of the suffering of these countries of major economic problems and a severe shortage of foreign exchange and budget deficits.
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