The Organization of Petroleum Exporting Countries (OPEC) may increase oil extraction to 30 million barrels daily at the meeting in Vienne on December 14, Reuters reports.
Iranian Petroleum Minister Rostam Qasemi said that Tehran will follow recommendations of the cartel. Iran probably abandoned calls to reduce oil supplies of Arab states, including Saudi Arabia, RIA Novosti reports.
The OPEC is expected to have the oil demand to reach 29.9 million barrels daily in Q1 2012 and 28.7 million barrels in Q2.
The demand for oil will reach an average of 30 million barrels daily in 2012. The US Energy Department forecasts 29.8 million barrels daily, the International Energy Agency – 30.4 million barrels.
Gulf states have recently been lobbying reduction of oil extraction to keep oil prices over $100 per barrel. They failed to agree on quota increase for oil extraction in June and keep it at 24.84 million barrels daily.
The OPEC consists of 12 states: Algeria, Angola, Venezuela, Iran, Iraq, Qatar, Kuwait, Libya,Nigeria, UAE, Saudi Arabia and Ecuador. They produce about 35% of world oil.
In January 2011 the average price for OPEC oil was $92.83, February - $100.29, in March - $109.84, in April - $118.09, in May - $110.68, in June - $109.4, in July - $111.6, in August - $106.32, in September - $107, in October - $106.29.
The average price for OPEC oil in 2010 was $77.45 per barrel, in 2009 - $61.06. The highest price was registered on July 3, 2008 - $140.73 per barrel.
