«OPEC» diminished expectations of demand for raw materials due to weak consumption and rock American thriving
Oil Minister Saudi production stable .. 9.7 million Barrels per day
Engineer Ali al-Nuaimi oil Minister Ignore the hints that Saudi Arabia, the largest source of the world's crude, has cut production to stem the collapse in prices, saying that Saudi production has remained stable over the last month. He was asked whether thought that it would be necessary to cut production before the next meeting of OPEC ' ' decision in June asked Nuaimi, ' why should we cut? Why? '. According to Reuters, Nuaimi said on the sidelines of the annual UN Conference on climate in Lima, capital of Peru that Saudi production reached 9.6 9.7 million barrels a day last month, a figure consistent with estimates of October last. Called Al-Nuaimi, speaking at the Conference, the need to adopt a new climate agreement to be concluded by 2015 includes the principles of common but differentiated responsibility of all States.
Browse vision on ways of cooperation to cope with the risks of climate change, stressing the importance of stimulating and assisting developing countries in achieving their objectives instead of imposing measures on them, to take the lead in the developed countries. The Minister said, addressing key development issues such as slow economic growth, poverty eradication and food security issues, it must be through enhanced procedures for adapting to the impacts of climate change in parallel with work to mitigate GHG emissions. He said: the adaptation is the catalyst for achieving sustainable development, and is also the best way to reduce greenhouse gas emissions, 'adding' we agree with our industrial States to reduce a fundamental role in addressing climate change, but we also believe it is wise to adapt similar role, to ensure the readiness of States to counter the adverse effects in the event of the inability of the international community to achieve their ambitions in this regard.
Lastly, the practical steps taken by Saudi Arabia within the framework of adjustment and economic diversification and mutual benefits to mitigate emissions, in response to the decision of the economic diversification adopted in Doha, where a number of actions to reduce GHG emissions, including energy efficiency, the use of solar, wind, carbon capture and storage program (CCUS) and enhance oil recovery through CO2 injection, and the conversion of liquid to gas, as well as programs for research and development Clean energy. , Said Abdullah Al-Badri, Secretary-General of the Organization of petroleum exporting countries OPEC that the Middle East will remain a major center of the world's oil supply.
Stressing that States and outside organization believes the oil supply to the world economy in the long term, and that the abundance of supply due to the diversity of the sources of production. Badri's assurances come in sync with the Brent dipped below $ 66 today, which came close to its lowest level in five years. And the OPEC report, which predicted that the world demand for crude next year the Organization less than expected because of weak consumption growth and a surge in oil shale in the United States refers to the increase in the surplus before 2015.
The Organization predicted that the decline in global demand for crude to 28.92 million barrels a day in 2015, down 280,000 barrels from the previous forecasts. Badri said in the report ' OPEC ' received the ' economic ' version of it, the oil and energy production does not live in isolation from the rest of the world, and international cooperation and integration to achieve a better future for all, adding that international interdependence required will not be achieved only by strengthening the dialogue and cooperation with the development of innovative thinking, adding that you should strive to ensure the stability of the market and achieve the target The joint international and secure sustainable energy for everyone, and that in the long term will slow down oil supplies from countries outside OPEC, noting that in 2018 the OPEC will be able to provide additional fluids by about 11 million barrels from 2018 and 2035. In contrast, the number of additional fluid out ' OPEC ' will not exceed three million barrels per day, he noted that there would be a need for investment of ' OPEC ' outside ' OPEC ' and not just to add new production, but also to maintain existing capacity.
Badri said that Member States ' OPEC ' will investment plans, however, future investments will be affected by a number of different factors such as political orientation, oil prices and overall economic conditions. Badri said in his report that the Middle East will continue to be the main hub of the world's oil supply will be ideally placed to meet the needs of the expanding demand from Asia for future oil demand, it is expected that more than 20 million barrels between 2012 and 2035, more than 88 percent of the growing world demand comes from Asian markets. The shift toward Asian markets as the main source of demand and consumption is a normal and expected, but the implications of this shift can change markedly map oil trade in the coming decades.
The Secretary-General pointed out for the ' OPEC ', is expected to see an increase in imports of crude oil and products from the Middle East to the Asia-Pacific region of 13 million barrels per day in 2012 to approximately 18 million barrels a day by 2035 because of growing market demand, Asian oil-consuming and nearby geography of production we will find markets growing investments in oil States, compared to industrialized nations. Generally because of expected future growth of both supply and demand so we expect significant investment in this area in the future worth eight trillion dollars by 2035, adding that investments need a stable market and constantly work to reduce price volatility and stop excessive speculation. And prompted concerns about glut before Brent to plunge 40 percent since June last year.
He said to Reuters ' Gareth Lewis Davis strategist at my bank that Paribas ' growing realization that the first half of next year will see severe weakness. ' Brent price dip in first month contracts due to 65.54 dollars a barrel, down 1.30 dollars before recovering slightly to approximately $ 65.90 by 1215 GMT. The price was $ 65.29 reached in the previous session, the lowest level since September 2009. The price of US crude futures 1.12 dollars to 62.70 dollars a barrel Oil was surprised today by Algerian oil Minister Youcef Yousfi on the possible convening of an emergency meeting of OPEC ministers in a few months before the regular periodical meeting on 5 June to discuss the next position after aggravating the severe decline of crude prices, as it is an economic problem for some countries, particularly with regard to the budgets next year.
In this context, the Secretary-General of the khojas harmful Chamber of Commerce the Austrian Arabic said for ' economic ', that oil prices have led to positive results for the economies of consuming Nations, especially the European Union that they have raised fears of weakening the incentive to decision-makers to support development of renewable energy sources. He said large parts of the world experiencing energy poverty may contribute to oversupply and falling prices in energy access to these classes, for example, there are over 2 billion people worldwide without electricity, praised OPEC's decision to maintain market share and not to reduce production, noting that the fundamental factors of the market will determine a fair price for oil in the coming months, not the ' OPEC '. Haas said the importance of supporting dialogue between producers in OPEC and outside to deal with the issue of surplus in the supply of crude, estimated at about two million barrels per day, noting that falling oil prices caused by the decline in consumption and an increase in supplies, especially from producers outside OPEC ' '.
For its part, said analyst Vietnamese win Beach to ' economic ', that price is a major problem for many countries, particularly Russia, which estimates its losses from the decline in oil prices by about $ 100 billion, adding that producers can meet this crisis by diversifying investments and not rely on exporting only raw and expansion of labor-intensive investments that reduce the pressure of the economic crisis and the development of human capital. The analyst noted that the Vietnamese to the United States, for example, announced that its interests in the Middle East over access to oil, as it seeks to support new projects in the region to enter into partnership agreements with American companies.