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OAPEC Activities
in Russian and Chinese supplies.
US oil production has risen from
8 million b/d only in January
2014 to nearly 9.3 million b/d in
December 2015, as a result the
share of oil shale in US total oil
production has risen from 41.7%
to 46.4% during the same period.
The abundance of oil supply
have contributed significantly
in the increase in OECD
commercial oil stocks which
amounted to 2974 million
barrels at the end of 2015 a
level that will cover 64 days of
forward consumption compared
with only 58 days in 2012.
At the end of 2015, the US
Strategic Petroleum Reserve
(SPR) has reached 695 million
barrels a level that very close
to its maximum capacity of 700
million barrels.
There is no doubt that
achieving stability in the oil
market and recovery of oil
prices to their reasonable
and acceptable levels became
more necessary than ever. This
requires a high-level dialogue
and coordination between all relevant parties
(producers, consumers and investors).
Joint responsibility and burden-sharing
among OPEC and Non-OPEC producers is
very essential. It is unreasonable and unfair
at the same time to hold OPEC countries,
which account for a share of 40% of total
world oil supplies, the whole responsibility
for maintaining stability in the oil market
where Non-OPEC producers claiming 60% of
the global oil supply by injecting additional
quantities without considering the oil market
consequences.