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Oil price plunge linked not only to market factors — Libyan vice-premier

November 27, 2014, 15:20 UTC+3 VIENNA
The demand for oil will rise by 1.1 million barrels per day while global consumption will increase to 92.3 million barrels per day in 2015
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© TASS/Viktor Drachev

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS
VIENNA, November 27. /TASS/. A fall in world oil prices in recent months may be related not only to fundamental market factors, Libyan Vice-Premier Abdourhman Ataher Al-Ahirish said at the opening of the OPEC summit on Thursday.

“If we look attentively at the current situation, we can presume that the latest price fall may be linked not only with fundamental market factors,” he said.

The global economic recovery is continuing, although slower than earlier while abundant deliveries are seen on the world oil market, he said.

“Against this background, even considering that some uncertainties will persist, the global economy growth rates are expected at 3.6% in 2015 compared with 3.2% in 2014,” he said.

“The demand for oil will rise by 1.1 million barrels per day while global consumption will increase to 92.3 million barrels per day. To a considerable extent, the demand growth will continue to be ensured by the countries outside the Organization for Economic Cooperation and Development (OECD),” he said.

Oil deliveries by non-OPEC countries will rise by 1.4 million barrels per day to 57.3 million barrels per day, Al-Ahirish said.

This growth will be mostly ensured by the OECD Americas region (the US, Canada, Mexico and Chile) with Brazil’s participation, he said.

OPEC ready for dialogue with G20, EU, Russia

The Organization of the Petroleum Exporting Countries (OPEC) is ready to start a dialogue with Russia, the EU and G20, Libya’s deputy prime minister said.

“We are focused on the movement towards market stabilization. It is of top importance for sustainable economic growth. And we admit, a dialogue was and remains an instrument to achieve this goal. That is why the OPEC tends to broaden international dialogue and cooperation by taking part in meetings, symposiums and working groups,” he said.

The cooperation also foresees a dialogue with G20, the EU and Russia, the International Energy Forum, the International Energy Agency and some other oil institutes and companies, according to Vice Prime Minister.

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