Adjunct Professor Dr. Ali reports from OPEC Ministerial Meeting in Vienna
Dr. Mehdi Ali, Adjunct Professor at the Business and Management Department and accredited to OPEC as Oil Analyst, participated in the OPEC Ministerial Meeting held in Vienna on Wednesday, 30th November 2016. The meeting was historic as it was the first meeting since 2008 where OPEC decided to cut oil production. OPEC's decision to cut oil production by 1.2 million barrel per day was aiming to rebalance the demand and supply of oil in the world market, which have been suffering from a glut in the supply of oil that led to a sharp decline in oil prices dropping from over 100 US dollars a barrel in early 2014 to under 30 US dollars a barrel by January 2016. OPEC hopes that this balancing will lead to higher prices. Dr. Ali pointed out at the press conference that the increase in oil prices resulting from OPEC cut may not only benefit OPEC but also its competitors the Shale Oil Producers, who have proven to be robust and tough competitors to OPEC.
Please find more information and videos from the OPEC Press Conference here: http://www.opec.org/opec_web/en/multimedia/350.htm