Unacceptable. "The Organization of petroleum exporting countries (OPEC) will not idly to the plummeting of the courts of the black gold. The voice of its President, Mohamed al-Hamli Emirati, the cartel has made it clear understanding that measures should be taken if the decline in crude prices continues in the coming days.
"Concerned", the members of the OPEC countries consult regularly on this issue, he said Thursday, while them courses were passed at the meeting below 52 dollars per barrel for the first time since May 31, 2005, to finally close at 52,95 dollars Friday. As if the markets had heard the message, the oil prices marked a break on the eve of the weekend: in London, a barrel of brent from the North Sea for delivery in February resumed 52,95 $ 1.25; in New York, a barrel of "light sweet crude" reference to is awarded him, 1.11 dollar 52,99 dollars. A timid burst on the ground abandoned in recent weeks: on both sides of the Atlantic, crude prices fell by 14 since the beginning of the year and more than 30 from the highs of last summer.
How far will they disembark The short term, everything will depend on the temperatures recorded in the United States. And more particularly in the northeast of the country, which bathes since the beginning of the winter in a spring sweetness. As demonstrated by the latest statistics from the U.S. Department of energy, these unusual temperatures had significantly lower demand for heating oil: transatlantic, crude stocks are currently higher by 7 to what they were a year earlier, the reserves of distillates, which include heating oil and diesel, have, inflated by more than 3 from last year. Another symptom of this atony, U.S. refineries recorded a 4.2 decrease of their deliveries of petroleum products over the same period of the previous year on the last four weeks.
According to the U.S. weather service forecasts, a sensitive cooling could intervene between 17 and 21 January, which could revive the oil markets. In the contrary hypothesis, some analysts do not exclude that the price of a barrel can drag up to $ 45.
Summit March 15
If that were the case, OPEC would respond. Friday, number of operators were on an emergency meeting of the cartel, whose Summit is only scheduled March 15 in Vienna. For the time being, the President of the Organization invites especially partners to show discipline. Following the decisions taken this fall, members of OPEC, which provide about 40 of world supply, are expected to reduce their production by 1.7 million barrels per day from February 1. Or a little more than two weeks of the deadline, only a portion of the road was carried out: according to recent estimates, 10 countries subject to the quota system pumped still December 385.000 barrels too much every day.
Over the weekend, the Algerian Minister of energy and Mines, Shabib Khelil, said that his country will support a further reduction in oil production. It could be decided at a special meeting of the OPEC. The Venezuela and the Iran also advocated further declines of OPEC's production to preserve the price.
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