Dr. Shakib Khalil : OPEC decisions will be difficult in a meeting in Vienna and these are the reasons

The former Minister of Energy and Mines, Dr. "Chakib Khalil," in an exclusive statement singled out by the news of Dzair "that the decisions of the Organization of Petroleum producing countries," OPEC "will face difficult decisions at its next meeting in" Vina ", citing for several reasons, including" US President Donald Trump In which he explained that he does not want OPEC to raise oil prices because America sees its rise as a threat to the national economy, even if US oil companies are interested in producing rock oil and prefer high prices because the cost reaches $ 50 a barrel.

On the other hand, Dr. Shakib Khalil explained that "the US sanctions on Iran will result in a reduction of 300 to 500 thousand barrels per day in production, and this will start in practice during October or November this year," which will affect the meeting of the Organization.

The energy expert, Dr. Chakib Khelil said in another statement, the verbal message of Russian President Vladimir Putin, in which he stressed that he prefers to be the price of oil within the limit of $ 60 a barrel, so "Russian oil companies are pressing the government to increase production, and The Russian economy prefers prices at around $ 60 a barrel so that the ruble does not increase the local currency for other currencies. "

Dr. Chakib Khelil stressed that there is another factor that will affect the decisions of OPEC at its next meeting. "It is the fear of China and India, the biggest consumers of OPEC oil, from the rise in oil prices, adding to the concern of international bodies that the rise in the price of oil Could lead to a decline in world oil demand. "

Dr. Shakib Khelil told the media that "Saudi Arabia wants oil prices to be between $ 70 and $ 75 a barrel because of a budget deficit and for the privatization process to succeed by selling Aramco shares on international stock exchanges."

The decline in Venezuelan oil production, which has helped to overtake the Organization of the Petroleum Exporting Countries, aims to reduce production and comply with the Algiers agreement.

If the Organization and non-member countries decide to increase production by 10 million barrels per day, prices will fall significantly!

"When we look at the balance between global supply and demand in 2018 and 2019 we see demand for OPEC oil to be 32.7 million bpd," said energy expert Dr. Chakib Khelil. 2018 and 32.3 million barrels per day in 2019 if we do not take into account the lack of production in Iran and the growing deterioration in the production of Venezuela. "

"If the Organization and non-member countries decide to increase their production by 1 million barrels per day, it will have a negative impact on prices. That is, oil prices will fall a lot. If the Organization keeps the Algiers agreement, prices will remain high and the Americans and the Russians will be angry."

Based on these data, the former Minister of Energy Dr. Shakib Khalil said in his statement to the news of Desaier that "the best possible decision is to increase the production of the Organization and non-member countries by about 500 thousand barrels per day in the meeting of the organization in" Vina "to stabilize oil prices between 65 to $ 70 per barrel, which helps the producing and consuming countries, but does not help the US oil, which will increase production and take a percentage of the oil market of the Organization and countries outside the organization