OPEC expects positive results for the oil markets in 2016
November 10, 2015 0
OPEC Secretary-General Abdullah al-Badri said on Tuesday that oil markets will see positive results in 2016, and again called independent producers from outside the organization to share the burden with OPEC to price rises by reducing production.
In addition, the International Energy Agency is expected to regain the oil market balance and gradually settle on the price of nearly $ 80 a barrel by 2020 under the influence of width less abundant, it is not to exclude the possibility of the survival rates low for a long time will increase the adoption imported to the Middle East Countries.
It reported the International Energy Agency in its annual exploratory study that "the oil market adjustment process is rarely what you get is a quiet, but according to the main scenario, which we prepared, the market will regain its equilibrium level of $ 80 a barrel in 2020 with prices continuing to rise after that."
Oil prices have fallen by more than half since mid-2014 and remains currently below $ 50 a barrel, influenced by the threshold especially commercial assault ... pursued by the Organization of Petroleum Exporting Countries (OPEC) at the top of Saudi Arabia as deliberately flooding the market to address the development of rock hydrocarbons in the United States.
However, the deterioration of prices this carries the seeds of rebalancing the market as it encourages demand and reduce production in the future as a result of the oil companies cut spending in the areas of exploration and production, according to the agency, which is reported for Economic Cooperation and Development (OECD) in the Board of energy arm.
As a result, the production of non-members of OPEC will reach to the maximum unit before 2020, recording just over 55 million barrels per day over while OPEC production will rebound thanks to Iran and Iraq.
The demand Vsyazdad at a rate of 900 thousand barrels per day a year until 2020 to reach 103.5 million barrels per day, after twenty years, compared with 92.7 million barrels per day in 2014.
However, the Agency does not exclude completely the scenario continued decline in prices for a long time where the remaining level at around 50 dollars a barrel until 2020 before returning gradually rise up to $ 85 a barrel in 2040, and that in the event of economic growth worldwide the most powerful and the steadfastness of the production of hydrocarbons American stone and keep OPEC on its strategy.
Contrary to what may be implied by this situation, the agency warned that such circumstances will not necessarily be in the interest of consumers, pointing out that "the economic benefits offset a growing dependence on the Middle East for imports of crude oil and the risk of record prices in a sudden rise in the event of investments continued to decline."
The agency said that this would be a threat to the security of energy and will be repaid blow to efforts to save the necessary energy to make the transition to environmentally friendly energy in a world facing the challenge of climate change.
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