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OPEC is under the pressure
12 May 2007Kuwaiti oil minister Sheik Ali Al-Jarrah Al-Sabah predicts that the Organization of Petroleum Exporting Countries (OPEC) will be under the pressure from consumers of raw material, which are planning to increase extraction, to reduce the prices for oil. Not having specified, from whose party the pressure is expected, the minister has told that OPEC will be put under strong pressure with the purpose of increase in manufacture.
The International Energy Agency (IEA) has called OPEC to increase extraction prior to the beginning of summer the last afternoon in order to prevent sharp reduction of stocks of oil in industrially developed countries.
According to the Kuwaiti minister, the reason of a rise in prices for oil relies in geopolitical factors, such as abductions of employees of oil branch in Nigeria and intensity between Iran and the West in occasion of the Teheran’s nuclear program. Sheik Ali Al-Jarrah Al-Sabah has also added that it is necessary to remember, that the factors connected with a policy and safety, define not less than 20 % of the price for oil. Sabah has noted, that after messages on a meeting of the US state secretary with its Iranian colleague Manuchehr Mottaki the price for oil have fallen on 1,5 doll./barr., whereas abductions in Nigeria have provoked a rise in prices up to 2 dollars. At the same time the minister has noted, that OPEC is optimistically in occasion of price stability in the future.
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