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Media: Saudi Arabia hoping to stabilize oil markets

by ChemOrbis Editorial Team -
  • 24/11/2015 (11:50)
According to media reports, Saudi Arabia’s cabinet stated that they are ready to cooperate with Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries in order to stabilize oil markets. Previously, Iran had called on Saudi Arabia to cut production and help stabilize prices while Algeria had also suggested an emergency OPEC meeting to discuss globally plunging oil prices.

OPEC countries will meet on December 4, 2015. Some other members of the OPEC are expected to push Saudi Arabia to abandon their current policy and to work to lift prices.

Meanwhile, Venezuela’s Oil Minister Eulogio del Pino also stated that OPEC should work with its rivals to stabilize oil prices. According to the minister, Iran will increase its oil production once sanctions are fully lifted, which will put additional downward pressure on oil prices. Eulogio del Pino said that if OPEC countries continue to follow their current policies, oil prices may fall below $30/barrel in 2016.

Eulogio del Pino added that lower oil prices are dampening the prospects for future oil investments. Previously, the executive director of the International Energy Agency (IEA), Fatih Birol, also reported said that oil investment is likely to decline in 2016, especially in high-cost regions, if prices remain near current levels.
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