If the prices for oil fall, OPEC will take new emergency measures
18 March 2007The Iranian Oil Minister Kazem Vaziri-Hamaneh has declared that in case of falling of the world prices for oil the Organization of Petroleum Exporting Countries (OPEC) will lead an emergency meeting and will take new measures.
Thus he has added that if the prices for oil will be kept at an operating level, OPEC will not undertake any additional measures on their change. The minister has made such application on results of session of the OPEC countries oil ministers in Vienna on March, 15th.
At this session oil ministers have made a decision to keep an existing level of extraction of cartel and they are measured to recommend it at the OPEC’s conferences.
It is worth of mentioning that since February, 1st 2007, the official quota of oil recovery for 10 countries of the cartel (excepting Iraq and Angola) is fixed at 25, 8 million barr./day.
N.B.: nowadays 12 countries have their membership right in the OPEC, these are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. About 67 % of the world reconnoitered stocks of oil is concentrated in these countries.
It is also worth of mentioning that, that the price of OPEC’s oil “basket” as of March, 15th, for the first within the last five trading days has risen on 6 cents and has made US 57, 20 dolls./barr. At the same time the price of “basket” has not essentially changed.
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