Oversaturated energy markets

Alvaro Silva Calderon, Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) believes that currently the world energy markets are "oversaturated" with proposals of crude oil supplies. Alvaro Silva Calderon made this statement at a meeting with journalists in the OPEC headquarters in Vienna, KZ-today correspondent has found out from the official OPEC web-site.

According to the OPEC Secretary General, the extraordinary 122nd conference of ministers of energy and oil of OPEC member countries, which will take place in Vienna on 12 December, will have an optimal solution concerning the quotas for crude oil production and export in the 1st quarter of the next year as its task.

In Any case, the head of world oil cartel stressed, OPEC does not aspire towards the oil production increase in the nearest winter months.

According to the OPEC Secretary General, the supply exceeding demand for oil currently makes 1-1.5 million barrels a day, but the world markets still "process" this surplus.

Alvaro Silva Calderon added that the Viennese OPEC conference will analyse scrupulously the situation at the world markets of crude oil and after that will make a unilateral decision.