Wednesday, February 17, 2016

OPEC alone can not solve the problem of excess oil – expert – RIA Novosti

 The building of the OPEC headquarters in  Vienna, Austria. Archival photo

© AFP 2016 / Joe Klamar

WASHINGTON, February 17 – RIA Novosti, Yekaterina Sobol The problem of excess oil. in the world only by a single OPEC will not decide to agree to join the other major players, said US Deputy managing the energy information Administration of energy (EIA) Howard Gryunshpeht, speaking in Washington on Wednesday.

according to him, countries not members of the organization, will account for the main increase in production until 2025. According to the infographic EIA, until 2025, OPEC countries are planning production in the range of -3 to + 2 million barrels per day from the current level of production. However, new players can increase the volume of 10 to 15 million barrels a day.

“They (OPEC) want to cut by 3 million barrels per day, but the other part will continue to produce oil. This is Iraq, Iran, who returns to the game “- he recalled expert.

On Tuesday, after the meeting in Doha between the Minister of Energy of the Russian Federation Alexander Novak and representatives of Saudi Arabia, Venezuela and Qatar, an agreement was reached about the readiness to maintain oil production average in 2016 at the level of January this year, when other manufacturers join this initiative .

Later, the Venezuelan oil minister Eulogio del Pino said that the Ecuadorian ministers of Algeria, Nigeria and Oman supported the decision to freeze oil. Furthermore, Kuwait agrees to accede to the agreements between the Russian Federation and the three OPEC countries, said Tuesday the agency Bloomberg, citing a source familiar with the plans of the country.

Later on support for the initiative said the United Arab Emirates. Iranian Oil Minister Bijan Zanganeh after a meeting with his counterparts from Iraq, Venezuela and Qatar, said that he would support any move to improve the situation on the market, Shana news agency reported.

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