Oil exporters couldn’t agree on extraction reduction

​The participants of OPEC meeting paid attention to the risk of investment fall into new oil deposits due to low prices but haven’t accepted any measures for market stabilization.

OPEC invited 8 countries – not members to the meeting on Wednesday. 5 of them accepted the invitation, including Russia and Kazakhstan. The Minister of Oil Industry of Venezuela, E. del Pino, suggested a number of measures on the rise of the world prices calling the equilibrium price to be $88/barrel. Brent oil costs $48/barrels on Thursday.

The price of $40/barrel is lower than the equilibrium price. We worry about the reserves, extraction fall and required investment volume, he said.

The President of Venezuela, N. Madoro, suggested organizing OPEC meeting in November so as to discuss the market.

The head of the department of international cooperation of the Ministry of Energy, I. Galkin, mentioned the risk for investment into extraction.