Oil price plunge linked not only to market factors - Libyan vice-premier

VIENNA, November 27. /TASS/. A fall in world oil prices in recent months may be related not only to fundamental market factors, Libyan Vice-Premier Abdourhman Ataher Al-Ahirish said at the opening of the oil cartel’s meeting on Thursday. “If we look attentively at the current situation, we can presume that the latest price fall may be linked not only with fundamental market factors,” he said. The global economic recovery is continuing, although slower than earlier while “abundant deliveries are seen on the world oil market,” he said. “Against this background, even considering that some uncertainties will persist, the global economy growth rates are expected at 3.6 percent in 2015 compared with 3.2 percent in 2014,” he said. “The demand for oil will rise by 1.1 million barrels per day while global consumption will increase to 92.3 million barrels per day. To a considerable extent, the demand growth will continue to be ensured by the countries outside the Organization for Economic Cooperation and Development (OECD),” he said. Oil deliveries by non-OPEC countries will rise by 1.4 million barrels per day to 57.3 million barrels per day, Al-Ahirish said. This growth will be mostly ensured by the OECD Americas region (the US, Canada, Mexico and Chile) with Brazil’s participation, he said. Read more