It remains unclear how many OPEC
members might support Iran--or even if any OPEC
members would do so.
Secretary-General Abdullah al-Badri, also speaking in Kuwait City, was similarly upbeat on the market outlook.
Despite all these issues, presence in OPEC
is better," he said.
2 speech at the Offshore Southeast Asia (OSEA) International Oil & Gas Industry Exhibition & Conference in Singapore, "Globalizing Shale," Eberhart warned guests that OPEC
has had U.
The need for crude from OPEC
, which produces about 40% of the world demand, will fall by 1.
shale boom has already curbed imports from OPEC
members such as Nigeria and Algeria.
A non-Gulf OPEC
delegate said Iran's call for a meeting is "meant to increase prices, because Iran wants to compensate for the lost oil they cannot export because of sanctions.
Production figures reported directly by OPEC
members to its Vienna HQ showed even higher rates.
The extra OPEC
oil is filling gaps caused by an unusually large number of supply outages globally.
Iran's Khatibi, who had suggested last week that OPEC
could continue to produce at current levels as long as it was able to manage the market, said on Monday that two proposals would be up for discussion on Wednesday.
But there is no prospect yet of the Organization of the Petroleum Exporting Countries holding a meeting before its next scheduled gathering in December or reducing production, delegates from two OPEC
It was at such alarming stage that the OPEC
members, having realised the damage caused to all of them, paused for a re-think and then decided to change course.
The symposium we are organizing in tandem with this celebration is only a part of the intellectual brainstorming undertaken by OPEC
where ideas will be put forward for open and candid discussion with utmost transparency and in the interest of all parties for the integrity and growth of the global economy.
They also agree that dependence on oil from OPEC
members will increase as non-OPEC
oil resources dwindle and become more expensive to extract.
is celebrating the 50th anniversary of its establishment in September of this year.