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OPEC to Put Pressure on Saudi Arabia to Cut Oil Production

Promulgator: Guangrao Liuhe    Send date: 2015-12-08 13:58


     According to foreign media reports on the 30th, after the constant oil production for a year, the demand for Saudi Arabia to cut its oil production has begun to increase, which will make the forthcoming meeting of the organization of Petroleum Exporting Countries (OPEC) meeting has become the most intense dispute over the years.

 

    A year ago, OPEC unexpectedly decision make the market suprised, namely Saudi Arabia to maintain a high yield in accordance with the main thrust of the policy, to gain more market share, the United States and elsewhere are considered weaker competitors out of the market.

    However, those competitors proved to be resilient, while oil prices also continued to record lows. In this case, some OPEC members, including Iran recognized the efforts to maintain high yields fail. They are ready to put direct pressure on Saudi Arabia, for the decision to cut production at the OPEC meeting next week.

    Even in Saudi Arabia, there have been different opinions inside the policy. However, this oil-rich country is unlikely to give in. One reason is fear of Iran to increase production after the sanctions are lifted. The results of the last meeting impasse is likely to continue, the market of excess production, the oil price slump.

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