1,500,000 barrels of production / day and 80 U.S. dollars, "the bottom line of non-official"

The rapid fall in crude oil prices and the dual pressures of the global financial crisis, on October 24, 13 members of OPEC energy ministers gathered for emergency Vienna, just less than one hour to achieve a substantial reduction on the decision। Production agreement with effect from November, 11 members of the current total production quota 28,800,000 barrels / day will be cut off 1,500,000 barrels per day, which does not include the task of rebuilding Iraq and will withdraw from the OPEC organization in Indonesia. The output of program on the same day the crude oil market did not actually "effect." Beijing at 9:35 p.m. on October 24, London Brent crude prices in December settlement fell 6.4 percent to 61.7 U.S. dollars / barrel. This year on July 11 in international oil prices the highest point 147.27 U.S. dollars / barrel, the decline has reached 57%. "OPEC is also likely to continue in December to cut production, depending on market reaction." Qatar Oil Minister Abdullah bin Hamad al-Attiyah to the media after the meeting said. OPEC was originally scheduled for December 17 held in Algeria last year's Ministerial Meeting, which is also the rotating president of Al-Khalil, the outgoing session. Emergency production 1,500,000 barrels / day According to the Oct. 24 meeting decided that the OPEC's largest producer Saudi Arabia will be completed by 1 / 3 of the export cut targets, for 466,000 barrels, Iran, United Arab Emirates and Kuwait, were cut 199,000 barrels, 134,000 barrels and 132,000 Barrels. This time, the output or not, OPEC member countries do not have any differences. The only discussion of the core of what is to reduce the number. , Who is also Algerian energy and mines minister of the day before the Council in Al-Khalil has said that the current supply has exceeded demand for about 200 million barrels / day, "We are facing a recession, the decline in demand." He stressed. Iran is still promoting the production cuts, the maintenance of high oil prices force. Saudi Arabia is worried about the current situation of a move to cut production would lead to further adverse situation, appears to be indecisive. The International Energy Agency in the pre-warned that if OPEC cuts caused by rising oil prices, global economic slowdown led to the extension of the period, OPEC will be blamed. The London-based Center for Global Energy Studies, deputy director of the Leo Drollas told our reporter, Iran and Venezuela to maintain the budgetary needs of the domestic oil prices more than 80 U.S. dollars / barrel, Saudi Arabia, the bottom line is 65 U.S. dollars / barrel. "Hard to imagine that they will make a decision so fast!" Live in a French television correspondent said. Outside the processing line up a lot of professional people and the media, too late to even approach the holder, is considered the original will last until the afternoon session had been rushed to an end. At the September session of the 149th ministerial meeting to request member states to maintain the original production - equivalent to the market at that time to reduce the supply of 500,000 barrels / day issues, but also because the parties to a dispute over point of view, led to the original Scheduled a news conference postponed time and again. Followed by the global financial tsunami struck, to accelerate the decline in oil prices, OPEC had decided on November 18 held an emergency meeting to discuss countermeasures, after the urgency of the situation, the meeting was once again ahead of time. The last time OPEC decided to cut official quotas in December 2006, at the time decided in February 2007 to cut 500,000 barrels a day. However, OPEC oil production cuts to defend the move is not always effective. In 1998, OPEC has decided to reduce daily output of 2,500,000 barrels per day, but failed to prevent the continued decline in oil prices at that time. For this to make the decision to cut, OPEC rotating president of Al-Khalil (Chakib Khelil) after the press conference that the move to reduce the stability of oil prices will be "100 percent effective." However, the same day the international oil price has continued to decline. To this time, London Brent crude prices in December fell 6.4 percent Clearing, is about to thoroughly to 60 dollar / barrel in the vicinity. Analysts believe that the reduction in international oil prices did not appear warmer, on the one hand, was due to have been expected before the meeting and digested by the market; the other hand, the downward trend in the overall economic trends, OPEC's de facto control chips also appear to be Can not afford. Europe and Russia 80 U.S. dollars to defend the bottom line?
It is worth mentioning that OPEC Secretary-General Badri (Abdalla Salem El-Badri) in this emergency meeting, 21, made a special trip to fly to Moscow to visit, which will include a meeting with Russian President Vladimir Medvedev, the outside world to pass a means The deal signals. Russia and OPEC's total oil production accounted for half of global output, the outside world believe that the two sides are seeking closer cooperation. "Russia is an important oil-producing countries, OPEC is able to cooperate with them in many ways the partnership," Badri earlier in an interview that "OPEC and Russia need to exchange information and enhance mutual consensus, which Help balance the market. " In September OPEC to convene the first session of the 149, Russia 10 years to send observers to the highest specifications representatives Sechin Russian Deputy Prime Minister (Igor Sechin) to attend in person, it is proposed to strengthen the country and the deepening of cooperation between OPEC and said the relevant memorandum of understanding OPEC leaders have submitted the draft. Sechin and called on OPEC to establish a mechanism for regular coordination and exchange of information and market analysis and forecasting. Russia and OPEC members Iran and Qatar had been discussing the establishment of a similar international natural gas cartel OPEC. Oct. 22, Badri held in Moscow in the Third International Energy Week on the "Today the oil market and the challenges of the future" speech, stressed the importance of cooperation with each other, and accused Recently since the sharp decline in oil prices Is still the speculation caused by manipulation. "Oil prices next year may drop to the minimum 50 dollars / barrel." The Deutsche Bank on October 20 issued by the forecast, which has broken through the price of OPEC's bottom line. According to the International Monetary Fund (IMF) on the same day the report said, Iran needs this year, the average oil price reached 90 U.S. dollars per barrel in order to avoid a budget deficit, Iraq, Oman and Bahrain also need oil prices to reach 111 U.S. dollars, 77 dollars and 75 dollars to balance this year Budget. The meeting revealed some OPEC members to defend the 80 U.S. dollars / barrel determination, but did not become official said. "If oil prices fall below 70 U.S. dollars per barrel, many international oil projects will be postponed or canceled." Khalil warned this. He also called on Russia, Norway and Mexico and other non-OPEC oil producers, have joined the ranks of the production cut in order to help stabilize oil prices.