After OPEC's Decisions, Iraqi Economic Center: OPEC Controlled By Countries Outside The Organization Aim To Reduce Oil Prices

29/11/2014 09:30:00

BAGHDAD / NINA/ The Iraqi media economic center confirmed that the decisions of the OPEC's countries are controlled by countries from outside the organization aim to reduce oil prices and damage the producing countries.

The head of the Center, Dhrgham Muhammad Ali told the National Iraqi News Agency / NINA/ that "OPEC's recent decision to maintain the current production ceiling is the beginning of the end for this organization if oil prices continued to crumble."

He noted that "the impact of the organization to global markets does not represent the interests of the producing countries, but it became under pressure from major consuming countries for oil, indicating that the OPEC's actors should review its decisions and study more options to restructure the organization and try to attract active new members of the oil producers, after it failed, for several years, to take effective decisions and even choose a new secretary general for the organization," saying that "the interests of the oil-producing countries are now at stake and it must take action to prevent the major players to hit interests of the states of the least productive or their oil-producing costs high."

It is mentioned that oil prices tumbled, on Friday, to their lowest level since May 2010, after the Organization of Petroleum Exporting Countries (OPEC) decided not to cut production.

Following the end of its meeting on Thursday, the organization, which includes 12 countries, said in a statement, it decided to maintain the ceiling of daily production, which currently stands at 30 million barrels per day. / End

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