Thursday, 09 June 2011 11:23

OPEC - Aliabadi Loyal to 2009

On yesterday's one-day OPEC-meeting, all the hopes and plans, mentioned in the opening speech of Iran's Oil minister Mohammad Aliabadi, proved to be just fantasies. Although Saudi Arabia, one of the most important countries In the oil industry, wanted to introduce new productivity levels and lower prices, big changes haven't been voted.

As reported yesterday, Saudi Arabia sees a dropping in crude oil demand, if the prices remain as high as they are now, so it planed to rise the production with 500,000 barrels per day. This would have A good influence over the economical and industrial live of the United States, and also of Germany.

But several other members of the Organization of the Petroleum Exporting Countries, including Venezuela and Iran, took the opposite site. For both of them, the actual extraction of oil seems to fit the demand. At the end, they decided to remain at the production level from 2009, which amount 24,5 million barrels per day.

But the demand is not the only cause of this result. As Samuel Ciszuk (IHS) said: “One of the factors are the different market points of view. The other one is political.”

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