OPEC will cut quotas

Written by admin on September 9th, 2009

Organization of Petroleum Exporting Countries (OPEC) will not reduce the quota at the meeting, which will open in Vienna on Wednesday evening, said Qatari Oil Minister Abdullah bin Hamad al-Attiyah.

As reports Bloomberg, the Minister satisfied that the OPEC action did not find support among countries not included in the oil cartel, in particular, in Russia.

We have heard much talk about support, but would like to see real support from countries outside of OPEC, said A.al-Attiyah.

International Energy Agency in August raised the forecast of oil production in countries which are not members of OPEC in 2009 and 2010., primarily due to production growth in Russia, as well as the development of oil sands in Canada and the Gulf of Mexico.

Every time we reduce the quotas, they increase production, but it is none of us can help - says Qatari minister. - Everyone must make money, but it must also support each other in order to protect the market. OPEC can not cope this alone.

Russia - the largest oil producing country outside of OPEC. Russia for the first time since the collapse of the Soviet Union came out on top in the world in export of petroleum and petroleum products, ahead of Saudi Arabia.

I do not think that is the right moment to reduce production. The world economy is uncertainty reigns. We do not want to cause increasing damage the global economy, and we are not sure when he comes back normal growth, - said A.al-Attiyah.

All surveyed by Bloomberg economists believe that changes in quotas at a meeting of OPEC will not. A similar view is expressed by the representatives of most countries, the cartel members. The current decision to cut oil production by 4.2 million barrels per day (bpd) compared with the actual level of production in September 2008 came into force on 1 January 2009.


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