A new jump in oil prices, experts have come to expect with the arrival of "Trump" to power

by **Ponee** Fri Jan 13, 2017 8:43 am

experts and officials said that oil prices will see a new leap in the next few months, with the entry of a new era of lack of geopolitical stability in conjunction with the arrival of the new US president to power.

They said in a press statement, that the year 2017 will witness more volatile and risky political environment since the end of World War, not least in terms of importance for 2008 , which saw widespread economic recession.

In a survey conducted during the forum Emirates Energy Forum held in Abu Dhabi, predicted 49% of the participating experts to hover average price of a barrel of oil at $ 50 a barrel this year. With 59% of the participants in the survey believed that the lowest price of oil could reach him during the year at $ 40.

Said Fouad Siniora, Lebanon 's former prime minister and head of the largest party of the Lebanese parliament, and who is taking part in the work of the Forum, that oil prices will take place in the levels of $ 50 a barrel during the current year in light of the geopolitical situation that the world is witnessing.

He said Siniora: "There is no one is immune from geopolitical developments, therefore , we should all be found on a steady course which have fared everyone together, and there are several major major changes under investigation in the current year of the most important access Trump to power."

In the opinion of former Lebanese Prime Minister, that the geopolitical landscape would be the role of the driving force behind the energy security until 2020 and beyond, it occupies a vital position with respect to human civilization as a whole, in that it provides access to both water and food, shelter , health care, transport, industry, other services .

For his part, Amos Huxtan, Special Envoy and Coordinator for the issues of global energy at the US State Department said that "OPEC" and not the United States that is intended to control the oil markets, pointing out that the US government does not affect the operating companies in terms of drilling operations , which carried out or quantities of raw produce.

He added that energy security is further complicated, given that the US Energy Information Administration forecasts indicate that global energy demand will rise , flying by 48% between 2012 and 2040.

Forecasts indicate a significant increase of up to 60% in energy demand in 2035 in the countries of the Middle East.

He explained that oil prices have jumped by 50% last year, and has thus posted its first annual increase in four years following the OPEC countries agreement for the first time eight years ago to reduce production.

The "OPEC" and 11 other oil - producing country from outside the organization, including Russia, agreed at the end of last year to reduce production by 1.8 million barrels a day starting in January of this.

Said Suhail Al Mazroui , UAE Energy Minister, said he hoped to correct and balance oil markets mid - 2017, by a special cut production , "OPEC" agreement.

The minister said in remarks on the sidelines of an energy forum in Abu Dhabi: "We are committed to the agreement in the UAE , " OPEC "and call on all States from within and outside the organization to declare their own plans to cut production in the coming period."

Asked about the fair price of oil and energy minister said he does not specify a target for oil prices, pointing at the same time that the price of $ 50 a barrel would not be appropriate for some producers.

And crude oil markets are suffering from oversupply and limited demand, the price per barrel dropped by more than 70% of the $ 120 mid - 2014, to about $ 27 before the climb to the range of $ 54 at the moment.

The average daily production of crude oil in November / October last second around the world 0.94500000 barrels per day, while the OPEC production of around 33 million barrels per day.

To blur the economic policies of the new US President , Donald Trump, the Iraqi economic expert , "Wadah Al Taha , " he said of Anatolia, said that the Gulf countries and the bloc of autism, because the future of the global economy will be harsher on the countries of the world as a whole.

01.13.2017
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