Sumo describe strategy OPEC as “successful” and stresses: the fluctuation of oil prices during the year


Author: HAA
Editor: AZ 3/6/2016 18:18 Number of Views: 24


Long – Presse / Baghdad
described the Oil Marketing Company (SOMO), on Friday, OPEC ‘s strategy in the oil market as “successful”, and pointed to the decline in the movement of investment in the oil sector, confirmed that the fluctuation ofoil prices during the remaining period of the year.

The director of the oil marketing company SOMO (SOMO) Falah al-Amiri said in remarks from OPEC headquarters in Vienna, according to the vassal (range Press, Reuters site) “OPEC has left the market works alone and proved this strategy of success so far is due to the damage to the investment movement “.

Al-Ameri added that “investment in the oil sector movement in retreat now, and when the movement of investment due to the market, this may take a year or two to resume the production of more oil for the market,” adding that the “end strategy OPEC moment is going well.”

He pointed out that al-Amiri “will face any adverse situation, OPEC may come from a possible decline in oil demand,” and expressed “its forecast fluctuating prices over the remaining period of this year.”

He said al – Amiri, “oil prices may continue at current rates for a few months to come , and then take a turn another during the remaining final months of this year”, he underlined that “it will depend on the likelihood of a decline in demand and keep its oil supplies rate stable or increase their rates.” It was Brent crude oil index, on 26 May 2016, up 1.2% to $ 50.34 per barrel for the first time during the current year, with analysts attributed the rise to increased demand for crude oil from top oil consumers in the world, hadswung the continued rise in oil prices during this year.

Global oil prices have fallen more than seventy percent compared to the last 2014 Summer, none of the more than one hundred dollars to less than $ 30 per barrel, resulting in damage to the economies of countries that rely on “black gold” as the sole source of income, including Iraq.

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