Economy Arab countries opec Oil falling prices
The Arab countries will not reduce oil production, although its price has dropped to a level more than five years. – Arabs want to maintain its market share in a situation in which neither the US nor Russia, nor the other countries do not want to limit extraction – Kuwaiti Minister said. Crude Ali Saleh al-Omair. Arab members of OPEC discussed yesterday in Abu Dhabi, the oil market situation. Arab oil producers can not afford even a much deeper declines in prices which can not stand the competition. – The price of oil even at $ 20 a barrel is irrelevant to the policy pursued by OPEC – said Ali Al-Naimi, Minister. Of oil in Saudi Arabia.
Some US companies stopped production, because the prices have become unprofitable for them. Information about this yesterday sparked a price increase from 75 to 1.5 dollar per barrel. However, analysts are of the opinion that this is just a minor correction.
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