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OPEC says there will not be changes in the oil production policy after this Friday meeting

Posted on June 3, 2015 by Grace Montealegre

According to Abdullah al-Badri, General Secretary of the OPEC, the meeting that the organization is attending the next Friday will be “brief” because “everything is already clear” around the decision of maintaining the oil production pace unchanged in the member countries.

The announcement anticipates a radical transformation in the discussion held during the last gathering in November 2014, in which few countries as Venezuela pretended to change the policy of not go back with the production, a position leaded by Saudi Arabia and other Gulf nations with the argument of keep their market share despite the low prices.

However, the Arab kingdom’s strategy seems to bring results and as its speakers predicted at the beginning of the year, for this new meeting the oil barrel prices is recovered with a value surrounding US$65, so much more than the US$45 of January.

OPEC delegates stated in previous meetings this week that the decision of cutting the output in the next months will depends on the will to do the same at a matching time of other countries as Russia that do not belongs to the organization.

La Nota Economica - Media Partner