The meeting the oil cartel Opec this Friday is getting stronger in the center. Most analysts still assume that the twelve OPEC countries will maintain their already high promotion. . Any developments in the oil market in Newsticker of FOCUS Online
Opec can gushing oil – fight against shale oil continues
15:57 Clock: OPEC relies on market shares. Member countries that are creaking under the comparatively low price for “black gold”, not be heard. The motto: hope and adapting the best. With an unchanged funding policy that OPEC sets (OPEC) continued its fight against the shale oil from the US and Canada. The amount of oil of 30 million barrels a day (159 liters each) remain the same, said the Saudi Arabian Oil Minister Ali al-Nuaimi on Friday in Vienna to the bi-annual meeting of the oil cartel. “We are responding to the market so that we do not lose our market share to less efficient producers”, the Qatari Oil Minister Mohammed bin Saleh Al Sada said in view of the shale oil producer.
With a price level of currently around $ 60 per barrel, it is even difficult for some of the twelve OPEC countries to cover its costs. Some countries, including Venezuela, actually aiming for a higher price of 75 dollars. However, the decision to continue the funding policy, according to Opec was unanimous.
It is important that the OPEC countries einstellten to the new circumstances, said Secretary General Abdullah Salem El-Badri. “We no longer get $ 100. We have to adapt to new realities,” says El-Badri. From 2007 to 2015, Opec had thanks to skyrocketing oil prices earned more than in the 50 previous years.
The investment in the oil subsidies were significantly decreased in view of the fall in prices worldwide. This development must be watched very closely, it said. In the US and Canada the fracking wells were due to relatively low oil prices, which are about the current half as high as a year ago, fell to shale oil on a long-term low.
The oil price will in the medium term will benefit from the slightly favorable world economy, said the Opec spokesman. Especially in Europe, there were signs of a significant recovery than expected. For concrete idea how a full market launch of the OPEC member Iran would impact on a possible agreement in the nuclear dispute, it is still too early, said El-Badri.
14.33 Clock: The Organization of Petroleum Exporting Countries (OPEC) maintains its current funding policy firmly expected. The amount of oil of 30 million barrels a day (159 liters each) remain unchanged, said Saudi Oil Minister Ali al-Naimi on Friday in Vienna to the bi-annual meeting of the oil cartel. Despite relatively low oil prices, Opec had adhered to the strategy for half a year, not to raise the price by a reduction in supply. With the current price of around 60 dollars a barrel they will urge the competing shale oil from the United States and Canada from the market.
Oil prices slightly up – Opec should maintain production target constant
Friday, June 5, 08.28 Clock: The oil prices on Friday before deciding the oil cartel Opec risen slightly over the joint funding target. One barrel (159 liters) of North Sea Brent for delivery in July cost the morning 62.23 dollars. That was 20 cents more than on Thursday. The price of a barrel of US West Texas Intermediate (WTI) rose nine cents to $ 58.09.
In the morning, meet the oil minister of the twelve OPEC countries, to discuss their crude oil production. It is expected that the concerted production amount is not changed. This would the cartel its – within OPEC contentious – stay true strategy to defend market share against emerging producers such as the American fracking industry.
The actual production of the twelve countries is significantly higher than the agreed delivery of 30 million barrels per day. Demand for OPEC crude is exceeded.
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