The Organisation of Petroleum Exporting Countries (OPEC) has said yesterday that, it was confident the prices of crude oil would rise by next month as against the current low prices at the International market.

The OPEC’s President, Mohammad Al-Sada, predicted that the rise would be as a result of projected higher demand ahead of the winter season in the northern hemisphere, among others. Recall that the prices of crude oil at the international market have been heaving between $30 and $50 per barrel. Al-Sada said prices had experienced a steady improvement since February 2016, following a decline in production of crude oil supply outages and a decrease in oil inventories, while the global demand for oil improved in that period.

OPEC basket price as at Monday August 8, stood at $40.08 a barrel, compared with $39.60 recorded on last week, while Brent crude opened around $42.

Al-Sada, who is the also Qatar’s minister of energy and industry, noted that more investment was needed not only to meet the growth in demand but also to stem the natural decline of oil production from operating wells.

“The recent decline observed in oil prices and the current market volatility is only temporary. These are more of an outcome resulting from weaker refinery margins, inventory overhang, particularly of product stocks, timing of Brexit and its impact on the financial futures markets, including that of crude oil.

“Economies of major oil consuming countries are expected...........http://nextnewslive.com/opec-predicts-oil-prices-to-rise-next-month/

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spass101:
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Opec be like.................

uckennety:
Opec be like.................