Media reporting from London, Europe's No. 2 oil company British Petroleum (BP) chief economist Christopher Ruhr 9 Yue said 21 of Petroleum Exporting Countries (OPEC) to control the oil market has been from non-OPEC oil-producing countries a large number of oil production weakened.
Ruhr Economic Research Institute in the United Kingdom at a seminar said that the oil market, the surplus oil production capacity can not make oil prices continue to rise. He said that OPEC made late last year from January 1 this year, from 4.2 million cut in oil production on the decision to stabilize oil prices, but the global economic downturn also reduce the demand for oil and further expand consumption and spare capacity of the the gap between.
He pointed out that OPEC can not be successfully controlled once the oil prices, there may be a substantial decline, which means that time may be difficult to maintain OPEC production quotas. He predicted oil prices may be stable for 2 years.
Sep. 23, 2009
