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OPEC expects stability in oil prices in 2016

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/07/2015 (11:58)
According to media reports, the Organization of Petroleum Exporting Countries’ (OPEC’s) Secretary-General Abdullah al-Badri reported that they expect to see stabilization in oil prices in 2016 as increasing oil demand will prevent further declines in oil markets. According to Badri, global oil demand will grow by 1.2-1.3 million barrels of oil per day (bpd) this year.

In line with the cartel’s expectations ,which call for higher oil consumption in China and other developing countries, Badri also stated that additional oil supplies from Iran would not put downward pressure on oil prices as the global oil markets can accommodate extra supply.

Meanwhile, OPEC and Russia have decided not to cut oil production, although some OPEC delegates have expressed their concerns over the recent fall in prices. Badri said that even if OPEC cut production by 2 million bpd, it would not result in higher oil prices.
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