14/06/2012
Economists outbalanced that the oil ministers of OPEC are taking a decision to increase the production ceiling and re-modify the production quotas at there next meeting , noting that the process of raising the production ceiling has become a foregone conclusion, stressing that the OPEC Will take into consideration
the economic crisis experienced in the euro area, as well as the recession in the global economy .
Dr. Ali Al-Alaq Professor of Finance and Economics at King Fahad University of Petroleum and Minerals said that the oil ministers of OPEC will put into consideration at the meeting today global economic developments, especially with regard to the problem of Spain and sovereign debt crisis in Europe, especially that these problems are reflected directly on the world market and the demand for fuel in many European countries.He added that the price in the range of $ 100 a barrel prevents the trend towards finding alternatives of energy by the industrialized countries, particularly as the search for alternatives requires huge budgets.
Dr. Mohammed Al-Ramadi Professor of Finance and Economics at King Fahd University of Petroleum and Minerals,explained that futuristic vision for the future of oil prices under the current economic conditions seems confusing, so the prevailing opinion suggests the stability of prices at current levels because of the concerns that prices exposed to a new setback What threatens the economies of producing countries and reduce their development plans.
