MOSCOW (Sputnik), Yulia Shamporova — The Organization of the Petroleum Exporting Countries (OPEC) is irrelevant because it can’t control oil production volumes within it’s own member-countries, the president of PKVerleger LLC, an US energy consulting firm, told Sputnik.
“OPEC is irrelevant today. Producing countries set their levels of production… Prices will probably fluctuate between 30 and 50 [dollars per barrel]. OPEC <…> has no power,” Dr. Philip K. Verleger said.
According to the International Energy Agency (IEA), global oil prices will fall further in 2016 in response to decreased demand.
Three countries — Russia, Canada and Saudi Arabia — have the ability to raise oil prices, thereby improving energy markets, president of PKVerleger LLC, an US consulting firm on energy markets, told Sputnik.
"It is possible to return prices to higher levels. Three countries have the capacity to make that happen: Canada, Russia and Saudi Arabia. If the leaders of these three countries decide to cooperate, then prices will rise," Dr. Philip K. Verleger said.
The expert didn't specify, however, what methods the countries might use.
