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West downgrades OPEC decision

West downgrades OPEC decision
Iran?s OPEC governor has accused Western media of weakening the organization by downgrading its decisions to reduce oil output.

Iran"s OPEC governor has accused Western media of weakening the organization by downgrading its decisions to reduce oil output.

Iran"s OPEC governor has accused Western media of weakening the organization by downgrading its decisions to reduce oil output. The Organization of Petroleum Exporting Countries decided in an October summit to cut output by 1.5 million barrels per day (bpd) as of November and assigned new reduced quotas to its member states. The 12-member group reduced supplies by another 2.2 million bpd in December to prevent oil prices from falling further.

?OPEC members have reduced between 60 to 80 percent of their output since November. This is suitable. But some Western media have tried to show that OPEC has been unsuccessful in this regard,? said Iran"s OPEC Governor Mohammad-Ali Khatibi.

Oil prices have lost about $110 since hitting an all-time high of $147 a barrel in July as the global financial crisis has sharply slashed demand.

?The current economic situation in the world has created a lot of problems for industrialized countries. The low price of oil is an advantage that they do not want to lose,? he said.

Despite the sharp cut in OPEC"s output, oil prices have continued to tumble in world markets. US light crude was traded about $38 a barrel on Friday, which showed a rise after sliding over the past nine trading sessions.

OPEC measures can push prices higher and create a balance between supply and demand, but Western propaganda and market speculators have rendered such measures ineffective, Khatibi concluded.

www.TurkishMaritime.com.tr

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