Organization of Oil Exporting Countries, OPEC decided to cut oil production
Vienna … News Time
Saudi Arabia’s Oil Minister Ali al-Naimi said the Organization of Petroleum Exporting Countries OPEC cuts oil production would not be present. The general meeting of OPEC in Vienna last Astra capital was talking to journalists after. In response to a question, he said OPEC to maintain current levels of oil production and has decided to cut it. In this meeting of OPEC cuts oil prices and production issues have been reviewed. Kuwait’s Oil Minister Ali Saleh alamyr OPEC also confirmed the decision and said that the SCO will be no reduction in production. OPEC’s decision global crude oil prices have an immediate impact on the price of three dollars per barrel, after which the decline in Brent crude oil to $ 75 per barrel less than the deals are in. Since August 2010, the lowest price of oil. US crude oil prices today declined 2.19 dollars per barrel and 71.50 per barrel in the last four years, and this transaction barrel of oil is the lowest price. In North America, the increase in oil production has steadily declined in the world market price. Since June, the price per barrel of crude oil has fallen by a third. Still, the Gulf countries in OPEC Saudi Arabia, Kuwait, Qatar and the United Arab Emirates on Wednesday made clear that the decline in oil production would not support the proposal. Some analysts say that if OPEC member countries decided in the future did not produce a significant reduction in price of 60 dollars per barrel of oil may come to the surface. Significant reduction in oil prices in the world market after the US and China has increased its petroleum reserves.
