Oil market balance depends on a global commitment

Organization of petroleum exporting countries (Opec) reported that for the oil market balance will again be needed is a global effort by the producers. The improvement of the world economy, as well as falling u.s. stocks should be able to keep the demand.

However, to maintain a balance by the end of this year of 2017 and increase the stability of the market will be necessary for all the world's oil producers undertake search for reduced production, as well as the Organization and 11 other countries, including Russia, are doing when the global agreement began in January of this year.

OPEC believes still in the forecast of an increase of the offer in non-member countries by the end of 2017 and to enhance the commodity and offer general prosperity of the world economy, collaboration, especially the United States. OPEC production had a fall of 18,000 barrels per day (bpd) in April, which resulted in a total wine production of 31,730,000 barrels per day (mbpd).

But, the world production also obtained a reduction, falling 0.41 mbpd in a month, a top level mbpd 95.81 to 831,000 bpd observed a year earlier. However, the high prices encourages the production of countries not members of the Organization, which makes the balance. The organization claims to extend the agreement until the end of this year. The decision should be taken during an appointment for the day may 25 in Vienna.

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