Visit the Hellenic Society of Virology (HSV) Homepage Read the Convention Relating to the Regime of the Straits (24 July 1923) Read the Convention Relating to the Regime of the Straits (24 July 1923)
HR-Net - Hellenic Resources Network Compact version
Today's Suggestion
Read The "Macedonian Question" (by Maria Nystazopoulou-Pelekidou)
HomeAbout HR-NetNewsWeb SitesDocumentsOnline HelpUsage InformationContact us
Thursday, 21 November 2024
 
News
  Latest News (All)
     From Greece
     From Cyprus
     From Europe
     From Balkans
     From Turkey
     From USA
  Announcements
  World Press
  News Archives
Web Sites
  Hosted
  Mirrored
  Interesting Nodes
Documents
  Special Topics
  Treaties, Conventions
  Constitutions
  U.S. Agencies
  Cyprus Problem
  Other
Services
  Personal NewsPaper
  Greek Fonts
  Tools
  F.A.Q.
 

Cyprus News Agency: News in English, 08-01-16

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] OPEC SG - OIL PRODUCTION

  • [01] OPEC SG - OIL PRODUCTION

    The Secretary General of the Organisation of the Petroleum Exporting Countries Abdalla Salem El-Badri has not ruled out an increase in the production of oil, if the market justifies this.

    Replying to questions after a meeting here with President Tassos Papadopoulos, he said, There is no low inventory. The inventory, the stock in OECD countries are within the five-year average, is not low as you said.

    On possible plans to increase oil production, the SG of OPEC said reports would be prepared ahead of Februarys OPEC meeting and added: of course we will examine the supply and demand and the stocks, we will take into account the world growth and we will prepare our report and give it to the ministers. I am sure that the ministers, in the conference, will not be hesitant to increase the production, if fundamentals justify that.

    Commenting on calls by the US President to increase oil production in Saudi Arabia, he said when the market justifies an increase in production, every country will contribute to that increase but he also recalled that since 2002 OPEC has increased production by about 5 mln barrels a day because OPEC believed that the market justified that increase.

    OPEC, as I said, will not be hesitant to increase production, if the market justifies that increase, he pointed out.

    Asked if the current oil price is justified by fundamentals, he said there was a disconnect between oil prices of today, disconnect between prices and fundamentals.

    The market is really influenced by other factors. I have said that many times and I will say it one more time: this is because the US dollar value, the sub-prime mortgage problems, the geopolitical situation and above all speculators.

    On his meeting with President Papadopoulos, he said, I found him very knowledgeable about the oil activities in the world. So we talked about the oil situation in the world, we talked about supply and demand, stocks and future prospects. It was very fruitful meeting, he said.

    Asked if the President sought his advice regarding oil exploration by Cyprus, El Bandri said the President had not asked for any advice on oil activities.

    I am informed about any country that wants to have new activities but we did not speak about Cyprus activities in particular, he added.

    This is the first time OPEC Secretary General is visiting Cyprus. He is here at the invitation of the Nicosia Chamber of Commerce and Industry and tonight he will address a dinner, hosted in his honour.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
    Back to Top
    Copyright © 1995-2023 HR-Net (Hellenic Resources Network). An HRI Project.
    All Rights Reserved.

    HTML by the HR-Net Group / Hellenic Resources Institute, Inc.
    cna2html v2.01 run on Wednesday, 16 January 2008 - 12:39:29 UTC