Member countries of the oil exporting countries lost 700 billion dollars due to cheapen oil
Member countries of the oil exporting countries have lost about 700 billion dollars because of falling oil prices, said in an interview the organization’s president Chakib Kelly, cited by the BBC.
The price of oil fell by 60 percent from its peak to 147 dollars for barrel, which breeds speculation that the member countries of the Organization of petroleum exporting countries will reduce production to raise prices.
In an interview Newspaper El Khabar, however, Kelly says it is unlikely the member countries of the Organization of petroleum exporting countries to decide this month.
In his words the next meeting Dec. 17 will be most important because the cartel will have the necessary data that will show whether earlier cuts in production of the states of the oil exporting countries were members of its
Last month the organization that controls 40 percent of global oil, agreed to reduce the yield by 1.5 million barrels per day.
Meeting in Cairo on November 29 is perceived as an internal debate, while that in Oran on December 17 will be more important in the sense that until we have more information on market trends for oil, citing Kelly Algerian edition.
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