Rus News Journal

The Minister of Energy of the United Arab Emirates: the OPEC will leave extraction level at former level

At session coming on September, 11th of this year the organisation of the countries - exporters of oil (OPEC) will leave extraction level at former level, the Minister of Energy of the United Arab Emirates (United Arab Emirates) considers Muhammad a bin al - Hameli. To such conclusion the minister has come on the basis of the data about supply and demand in the oil market.
so, specifies M a bin al - Hameli, the offer now exceeds real demand, the world economy continues to grow, despite the high prices for oil, and the price so-called oil baskets the OPEC is close to ideal for cartel to level - 70 dollars/ barr. Now, head Minenergetiki of the United Arab Emirates, both sellers considers, and oil consumers are happy with an existing price level.
In the light of such favorable conditions emiratsky the minister does not see sense in changing quotas on OPEC oil recovery in any party, transfers the Kuwaiti agency KUNA. However, it has reminded, the cartel countries have at present a stock of increase in capacity on 2 million barr./ days which can be used in case of occurrence of such necessity.
we will remind, on the eve of the OPEC has lowered the forecast of growth of consumption of oil for the next one and a half year. According to experts of cartel, as a whole oil consumption on all planet will decrease. The new forecast assumes that oil consumption in the world this year will increase in comparison with 2005. On 1,3 million barr./ day, instead of on 1,38 million barr./ day as it was supposed earlier. The total figure will make 84,5 million barr./ day, is told in the monthly report of the OPEC published in Vienna.
as to 2007. That consumption of oil by world economy will increase in 2007. On 1,3 million barr./ put that on 80 thousand barr./ day is less, than was predicted earlier, and will make 85,82 million barr./ day. Thus in the OPEC notice that the volume of consumed oil which members of cartel (deliver 29,31 million barr will grow./ day instead of 28,95 million barr./ day as it was supposed earlier). It will occur at the expense of decrease in the forecast for oil deliveries from outside independent manufacturers (51,1 million barr. That on 234 thousand barr./ day below the previous forecast). In the OPEC explain that revision of the forecast towards fall has been caused by oil recovery reduction in Norway, Canada and the USA (Alaska).
the Term a basket the OPEC (OPEC Reference Basket of crudes) has been officially entered on January, 1st 1987. From the middle of June 2005. The price baskets It is defined as an average arithmetic indicator of the physical prices of following 11 grades of the oil extracted by the countries of cartel: Saharan Blend (Algeria), Minas (Indonesia), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and BCF 17 (Venezuela).
As of September, 7th the price baskets made 62,84 dollars/ barr. A historical maximum for baskets the OPEC is a price mark 72,67 dollars/ barr., registered on August, 8th 2006.