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OPEC see oil prices stabilizing in H2 2015

22 Dec 2014

(MENAFN) OPEC said that it has expectations that the prices of oil will begin recovering by the end of the second half of 2015, Arab News reported.

“We can’t see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices,” OPEC secretary General said.

OPEC attributed its predictions for a recovery to expectations that the main reason which led to the plunge in oil prices, mainly the slow growth of the global economy and an increase in sources of supply, to being stabilized by then.

Meanwhile, the organization said that it expects that Iraq’s total oil production would reach four million barrels per day (bpd) after Baghdad reached an agreement on exports with Kurdish regional authorities.

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