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Recent developments, and the failure of OPEC to agree on the ceiling of oil production is not the first time in the history of the cartel, as it is in the year 2011 failed to reach an agreement while Saudi Arabia prompted the group to increase production in order to avoid higher prices in the midst of the Libyan uprising and its consequences on the oil market.
Secretary-General of the Organization of «OPEC» Abdullah al-Badri said OPEC could not agree on any numbers especially since they can not predict the amount of Olney oil be developed by Iran in the market next year after it withdrew its sanctions, including in the framework of the agreement that was reached six months ago with world powers over its nuclear program.
This explained Iran's position when the Iranian minister said that Tehran will increase its supply by at least 1 million barrels per day, equivalent to 1 percent of global supply, knowing that global supplies are already increasing at a rate of 2 million barrels for the amount of consumption, which means that prices are prone situation So to further deterioration.
For your information the cartel constitutes a third of world oil production does not include Russia, the United States and Saudi Arabia, which as the largest competitive producers of oil. According to OPEC's decision to leave the freedom of the teams in the estimation of the amount of crude oil pumping a strong signal that OPEC undermining the ability to work as a group in their efforts to influence the supply and demand and in prices itself.
The United States and Russia are playing an increasing role nor OPEC only 35 percent of the global market pose means that there is still 65 percent can influence in the oil-prices came Arabia attempts last year not to cut production and the development strategy intended to increase the cost to the states of competition, such as the US United producing Shale, and put it outside the scope of the competition means a drop in supply and an increase in prices, it is clear that the plan did not work, especially with low US crude oil more than 40 percent from the previous year.
The drop in oil prices has created a growing pressure on the budget and GDP in many OPEC countries. World Bank data show that the Arab Gulf states still have huge reserves to enable them to carry the deficit over the next two years and always according to the International Fund and its estimate is expected that these countries experiencing growth in gross domestic product in 2015 was the big problem in Saudi Arabia is to be increased government spending and expenses on roads and health-care programs
According to IMF estimates, it is expected that government spending up to 50.4 percent of GDP in 2015, an increase estimated at around 10 percent higher than in 2014. This increase is due to two things, namely: low oil prices and inflation budget. It is no secret to say that a large part of the Saudis rely on government to provide economic support, directly or indirectly.
If the Gulf states and its reserve currency able to afford this decline the price of oil remaining Member States, such as Iran, Iraq and Nigeria, because of the large numbers of the population does not have the ability to maneuver in the same way.
As well as Russia which is one of the largest oil producers in the world and its economy depends on energy revenues, oil and gas by 70 percent of export earnings and science Russia is losing about $ 2 billion in revenue for every dollar decline in the price of oil and in spite of that and warnings of international institutions of economic downturn International in 2015, Russia confirmed that it will not cut production to support oil prices means that due to the double impact of lower oil prices and sanctions, the Russian government may be forced to cut spending and give up a lot of programs.
Add to that the high interest that will undermine the Russian economy and make it difficult for companies to borrow and spending rates. This growth of oil production in North America in particular seems amazing and reached its apogee with the extraction of oil and gas from shale has helped drop in oil prices.
So Europe and Asia may be more beneficiaries of this decline, in particular that Europe is experiencing a decline in inflation and weakness in growth means consumers take advantage of the drop in oil prices and equal to 0.1 percent increase in production.
The Asia In total Star Wars Binary Bot dramatically this fall, particularly China, which has become the largest net importer of oil and Japan Olney imports nearly all its oil you should use note that high energy prices will help significantly to the increase in inflation, which was an important space of Abe's policy to boost growth and fight deflation.
The question that arises especially since the low prices in the world affects the whole countries. Why this rapid decline in oil prices and in this particular time. The easiest answer is that there may be unintended geopolitical matters, the correct answer is economically just supply and demand.
The United States has nearly doubled domestic production during the past six years, the Saudi and Yemeni and Algerian oil, which was sold in the US market began to compete in Asian markets it means they are forced to lower prices as well as Canadian and Iraqi oil, which has increased its production and export year after year as well and as I have already mentioned, the Russians, despite Economic problems are still willing to increase supply, this one hand. On the other hand declining demand groggy Group was largely attributable to the European economy as well as developing countries, which suffer from the increasing problems means that the demand falls.
The answer is obvious geopolitical and interpretation probably Saudi Arabia's desire to hit the economy of Russia and Iran as well as the USA but there is no clear evidence to support the conspiracy theory.
These implications and gravity and the presence of financial pressures call for reconsideration of all these reasons, it may not be the case soon, it has been the recovery of demand for fuel in some countries awaiting what contributes to the recovery of prices in the coming years. http://itdecs.com/reviews/star-wars-binary-bot-review-is-starwarsbinarybot-system-scam Star Wars Binary Bot