Abdul-Mahdi: I hope in the middle of the rise in oil prices next year

[yota691]

Abdul-Mahdi: I hope in the middle of the rise in oil prices next year

 

 

         

12/21/2015 0:00 

Cairo - Isra Khalifa  

through the oil minister Adel Abdul Mahdi, the hope in the return of oil prices to previous rates during the first half of next year, and pointed out that the oil market is complex and overlap the economic, political and security factors, while pointed out that the Organization of Arab Petroleum Exporting Countries ( OAPEC) under pressure to reduce its production rates. 

said Abdul-Mahdi, in an interview for the "morning" on the sidelines of presiding over the Co-fifth meeting of the Ninety-league organization OAPEC, which concluded on Sunday, the Iraqi delegation: "The meeting was important because we deliberated oil and gas affairs of our countries." , noting that the meeting "Visions for the future development and approved the appointment the next meeting, which will be in Egypt in late 2016." 

Oil Minister, who pointed out that "the meeting expressed their grave concern at the fall in oil prices", noted that "the impact of terrorist organizations on the oil market has not been discussed in the meeting because of the topics that should be looking within OPEC. 

"And on the difference between the two organizations warned Abdul-Mahdi, that" (OAPEC) does not have the ability to make effective decisions as is the case with the (OPEC), "explaining that" the members of the World Organization ( OPEC) more productive in number and are therefore more influential with the desire of the (OAPEC) to be important decisions in line with the decisions of the (OPEC). 

"He said Abdul-Mahdi, that" the fall in oil prices impact on the economies of the exporting countries and investments in the oil sector, "attributing the causes to "many factors that control the oil market, including political, economic and security as well as a glut in supply now." 

He revealed the oil minister for "exposure (OAPEC) great pressure to reduce its production in order to enjoy the countries from outside the additional shares", stressing that "the current downturn will not last It is imperative that prices are rising again. 

"said Abdul-Mahdi:" There is great hope in the return of oil prices in the first half of next year or at the end to what it was, "a reminder that" the economic factors remain stronger than the other as the return China's growth to a normal level, as well as growth in Asia and Europe and rising rates in America can contribute to the increasing energy demand and rising prices. 

"On the sidelines of the meeting met the ministers of oil and energy and oil Arabs Egyptian President Abdel Fattah al-Sisi where they were to review the terms of the meeting and the files that are discussed in it . 

, he said Egyptian Minister of Petroleum Tariq Al-Mulla, told reporters that the conference was a good opportunity for consultation and exchange of views and ideas and discuss various petroleum issues currently raised and the review of the joint Arab cooperation projects in various fields of oil, gas and petrochemical industry, stressing that there are many opportunities and possible areas of which support cooperation projects to achieve the common interests of the Arab countries and support joint economic relations, especially for Member States to have all the elements of success of high economic feasibility of joint projects and check the value added. 

while statement issued by the Ministry of Petroleum, to be successful models of joint Arab projects bilateral or collective in oil that have been implemented represent an incentive to continue to expand in the implementation of joint oil projects, stressing the importance of OAPEC Arab in light of the weight and prestige of its member countries, where they form the bulk of the membership of the Organization of Petroleum Exporting Countries field (OPEC) and the Forum of Gas Exporting Countries, that enable them to contribute effectively in the petroleum policies and deepen cooperation between Member States and closer coordination of relations among themselves in the field of petroleum and work to unify efforts and to provide the appropriate conditions to take advantage of the possibilities available and take all means to preserve the interests of its members legitimate. 

In turn, the current president of the Arab Organization Mohammad Bin said Saleh Al-Sada: The current oil prices pose a challenge to development plans, but the only room for pessimism, noting that the gap between supply and demand has widened, leading to a rapid decline in prices.

 

[djgabrielie1]

I'll bet the 13 members of OPEC are hoping for prices to go back up not just Iraq.

[sandfly]

THANKS YEP

[Rockymtnhi]

No countries backing off the high production rates.  No reason yet for oil to go up.