If the country OPEC will cut oil supplies to the world market by 7 million barrels per day, by 2020 the price of oil could rise to $ 75 per barrel, according to the IMF working Paper, cited by RIA Novosti
According to one of the models, developed by the International Monetary Fund, in 2020 the price of oil in the world can rise to the level of $ 75 per barrel, RIA Novosti reported with reference to the working documents of the Fund. This can happen if OPEC will reduce supply by 7 million barrels per day.
«If supply OPEC countries will decline by 7 million barrels per day, the market share of OPEC will be 35% and the price of oil 75 dollars per barrel “, – quotes agency the fund documents, which analyzes the various OPEC development model. If the OPEC countries cut their share of the world oil market to 41%, it will be $ 58 per barrel, leads the agency views the IMF analysts in 2010 the price of oil.
In his IMF calculations based on the fact that at present while OPEC countries provide supplies to the world market 42% of the oil. The analysis notes that OPEC rate for dumping and removal from the market of American mining companies is not justified
In June 2016 OPEC summit in Vienna failed to agree on the establishment of the “ceiling” of oil:. Ended without result talks not only about production cuts, but even to freeze its level. Negotiations on the return of production to the target reference point, from which the band refused in December 2015, ended without result. According to the chief oil analyst at Energy Aspects Amrita Sen consulting firm, OPEC leaders discussed the establishment of a ceiling of the total production of 32 million barrels. per day, which corresponds with the actual production in April.
On Thursday, July 7 at auction in London for Brent oil prices have plummeted by more than 4.5% on news the US stocks. During the trading session, the price of a barrel of oil fell to $ 46.16, while the maximum is $ 49.
In February 2016 Abdullah Al-Badri, who was then secretary general of OPEC, said that US companies , extracting shale oil, can easily increase production and eliminate hydrocarbon deficit, if the oil price will rise because of production cuts by other countries. According to him, OPEC has never had to deal with the source of the oil, which can so quickly respond to changes in prices and volumes to make up missing. This, added al-Badri, greatly complicates the ability to deter cartel by reducing production prices drop.
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