Jan 19, 2016, 3:09 PM

OPEC expects oil balance to be reached this year

VIENNA, Jan. 19 (MNA) – The Organization of Petroleum Exporting Countries (OPEC) said today that the return of balance in the oil market might be reached in 2016.

The monthly report issued by OPEC said also that this could be due to a production cut of their competitors affected by the policy of low prices.

The report said that the oil production by countries outside OPEC should fall in 2016, following years of growth.

Issued in Vienna, the report does not mention Iran, OPEC member, which announced today an increase in its production of 500,000 barrels per day due to the lifting of international sanctions against this country.

Oil barrel lost nearly half its value in 2015, purchased for less than $ 30 USD, a price that seemed unlikely just a few months ago.

Production of non-OPEC country members reached 56.87 million barrels per day (mbpd), but this year it should fall to 56.21 mbpd.

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News ID 113718