Baku, Azerbaijan, Oct. 31
By Anakhanum Hidayatova – Trend:
There are no preconditions for fundamental changes in the oil market as of today, Valentin Zemlyansky, director for energy programs at the Center of World Economy and International Relations at the Ukrainian National Academy of Sciences, told Trend.
The main players, cartel members as well as independent ones, did not show their willingness to cut the oil production, despite the economic losses oil producing countries suffer due to low oil prices, said Zemlyansky.
“Consequently, the upcoming meeting is more likely to end without any results. It is expected that the prediction concerning the price range of $50-60 per barrel can be adjusted to the level of $50-55 per barrel," he said.
OPEC agreed to limit oil production in the range of 32.5-33 million barrels of oil per day at an informal meeting in Algeria on September 28. However, there is no agreement on specific limits for each of the OPEC member-state.
A final decision must be made at the OPEC official meeting in Vienna on November 30.
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