The market is widely expected that the Organization of Petroleum Exporting Countries (OPEC) will meet with the call for increased production of oil-consuming countries when it meets on Friday because it fears that the US economic slowdown and spring oil demand will begin to decline seasonally.
The price of oil has fallen from the record high of US$100.09 per barrel set on January 3 to about US$90, which has eased the pressure on OPEC’s production. Analysts said that as the demand for heating oil in the northern hemisphere weakens, the organization may even begin to cut production.
"Why are they still trying to increase production when there is a lot of concern about economic growth and growth in oil demand?" said Mike Wittner of Societe Generale in France. "I think they will maintain the existing output quota unchanged."
OPEC members generally believe that the current oil market has sufficient supplies.
Saudi Arabia, the world’s largest oil exporter, has stated that if there are sufficient market reasons, OPEC will increase output, but will not comment on what measures OPEC will take at the 1st of February in Vienna. The organization will be 3 On the 5th of the month, another meeting was held.
The Iraqi Ministry of Petroleum Shahereshnyi said at last week’s World Economic Forum in Davos: “We do not think there is a shortage of oil supply in the current market. There does not seem to be a need to change the output level at present.â€
At the last meeting held in December, OPEC decided to maintain its output level. At that time, the oil price was about 90 US dollars. Concerns about the U.S. economy have increased since then, and as the season gets warmer, the heating demand in the northern hemisphere is expected to be in Reduced in the second quarter.
Within OPEC, so far only Indonesian member states with less influence have raised the possibility of increasing OPEC production, and most other member states are cautious. (End)
The price of oil has fallen from the record high of US$100.09 per barrel set on January 3 to about US$90, which has eased the pressure on OPEC’s production. Analysts said that as the demand for heating oil in the northern hemisphere weakens, the organization may even begin to cut production.
"Why are they still trying to increase production when there is a lot of concern about economic growth and growth in oil demand?" said Mike Wittner of Societe Generale in France. "I think they will maintain the existing output quota unchanged."
OPEC members generally believe that the current oil market has sufficient supplies.
Saudi Arabia, the world’s largest oil exporter, has stated that if there are sufficient market reasons, OPEC will increase output, but will not comment on what measures OPEC will take at the 1st of February in Vienna. The organization will be 3 On the 5th of the month, another meeting was held.
The Iraqi Ministry of Petroleum Shahereshnyi said at last week’s World Economic Forum in Davos: “We do not think there is a shortage of oil supply in the current market. There does not seem to be a need to change the output level at present.â€
At the last meeting held in December, OPEC decided to maintain its output level. At that time, the oil price was about 90 US dollars. Concerns about the U.S. economy have increased since then, and as the season gets warmer, the heating demand in the northern hemisphere is expected to be in Reduced in the second quarter.
Within OPEC, so far only Indonesian member states with less influence have raised the possibility of increasing OPEC production, and most other member states are cautious. (End)
Coupling For Weaving Loom,Coupling For Heald Frames,Metal Coupling,Weaving Loom Spare Parts
Transally weaving accessories Co., Ltd , https://www.transally-co.com