OPEC keeps its production levels and preparing to move next month

Organization of Petroleum Exporting Countries (OPEC) prepares its next move after a meeting in Cairo on Saturday decided during which maintain the levels of supplies for the oil market unchanged, despite the sharp drop of crude prices and the threats contained in the budgets for the Governments of Member States.

The delegates of OPEC members discussed the amount of supplies to be decided next month with the vision of a new majority to reduce the size of 1.5 million barrels a day.

 
OPEC President Chakib Khelil, said that the organization was concerned about the stagnation of the global economy and its impacts on oil prices.

 
He announced in a statement to reporters after the decision to maintain OPEC production unchanged during a brief meeting in Cairo that the Minister agreed to take no further action at the meeting on 17th December in the Algerian city of Oran to discuss the organization’s policy after the failure of production cuts total volume of two million barrels a day since September to stop falling prices.

 
Khalilzad said that WTO members agreed to take any additional moves next meeting to achieve balance between supply and demand, access to the stability of the markets.

 
He added that OPEC members are committed to reduce their level of production cuts of the former Organization.

 
The comments came after a consultation meeting in Cairo of the Organization to identify a market, and the extent to which members of OPEC decision to cut supplies by 1.5 million barrels per day, declared the meeting held in Vienna on 24 last month, to be carried out cuts since the beginning of this month.

 
Meanwhile as oil prices were at the market closing on Friday at 54 $ a barrel, Saudi King Abdullah bin Abdul Aziz said, that the rate of 75$ a barrel would be fair.

 
OPEC oil supplies now 27.3 million barrels a day, seeks to stabilize crude prices amid reports of a surplus markets.

 
Deputy of Qatari Prime Minister and Minister of Energy and Industry Abdullah al-Attiyah said earlier that the time oil prices too low to continue investments in the oil industry, to cope with high demand in future.
Likely part of Nigeria’s oil minister Odin Ojumojobea said that the global economy to deteriorate before starting to improve, unlikely to reach the bottom of the recession that will undermine demand for oil.
The Venezuelan Oil Minister Rafael Ramirez believed that OPEC needs to cut production by at least one million barrels per day next  meeting.