OPEC’s talks with other producers to result in oil price rise

OPEC’s talks with other producers to result in oil price rise

Baku, Azerbaijan, Feb. 1

By Anakhanum Khidayatova - Trend:

The negotiations of the Organization of the Petroleum Exporting Countries (OPEC) with other oil producers will likely to give a positive result and the cost of a barrel of oil will reach $50-60, Valentyn Zemlyansky, the director of energy programs at the Center of World Economy and International Relations of Ukraine's National Academy of Sciences, said.

Zemlyansky said that at the upcoming meeting, OPEC and other oil producers will likely to talk about the arrangements for the market shares.

"A decrease in production must not affect the market share of one country or another," the expert said. "The assumption is slightly utopian. But it is possible that such tacit agreements can be reached to stabilize oil prices. However, it is not worth expecting changes in the price trend earlier than in the second quarter."

He said that of course, rise in oil prices will have an impact on consolidating the currency of the exporting countries.

As of February 1 morning, Brent futures price (March) reached $35.01, WTI - $30.41 per barrel. According to the EIA, Brent average spot price on FOB terms has amounted to $30.36 per barrel since early January. The maximal Brent price amounting $36.28 in 2016 was observed on January 4 and the minimal price - $25.99 per barrel - January 20. Over the past 30 years, the maximum Brent price reached $143.95 per barrel, which was observed in July 2008.

According to the analysts, OPEC oil production will amount to 31.978 mbd in 2016 and 32.152 mbd in 2017.

According to the US Energy Information Administration (EIA), as of 2015 oil supplies by OPEC countries amounted to 31.65 mbd.

Oil supplies by Saudi Arabia, the largest oil producer and exporter in OPEC, amounted to 10.02 mbd in 2015. According to the EIA, Iran supplied 2.8 million barrels per day, Iraq - 4.08 million barrels per day.

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Follow the author on Twitter: @Anahanum

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