Baku, Azerbaijan, Dec. 11
Trend:
The November oil price decline reflects continued growth in US tight oil production along with weakening outlooks for the global economy and oil demand growth, the Deputy Director General of Trend Agency Vagif Sharifov told Morning Money, a radio program aired by the British radio station Share Radio.
According to Sharifov, the US top officials say the country will continue to boost oil production.
"For the next year there are expectations that US crude oil production is going to be almost 10 million barrels a day," he said, adding "That would be the highest annual average crude oil production since before the first OPEC oil embargo in 1973."
He further noted that the monthly average Brent price declined almost 30 percent from its high of $112 per barrel in June to an average of $79 per barrel in November.
"This is the lowest monthly average since September 2010," Sharifov said.
Asked whether there can be any change in stance from OPEC given constant decline in oil prices, Sharifov said usually the cartel arranges unplanned meetings only if the price falls or increases because of some force majeure situation.
"There is no such situation on the world oil market, everything goes as they have planned and they are going to meet only in the summer next year," Sharifov added.