Depreciation of oil can lead to withdrawal from the world market of half the volume of its hard reserves - OPEC

Almaty. October, 30. Silkroadnews - Happening depreciation of oil can lead to withdrawal from the world market half of the scavenger oil, including oil shale, reports Tass.
"At current oil prices of $85 per barrel to 50% scavenger oil disappear from the market" - said OPEC Secretary General Abdalla Salem El-Badri at the opened in London the International Oil and Money conference on Wednesday.
According to al-Badri, the oil extracted from tight formations, requires a price of a barrel of $90-100.
"The impact of low oil prices will be felt at the market only in 2015", - said the secretary-general of OPEC. As evidence of its findings, he cited the fact that the companies producing shale oil, are now trying to hedge future low oil prices.
Referring to the current situation on the market, al-Badri said that "the excess of supply over demand now is only 1 million barrels per day".
As reported, on the basis of trading on Wednesday, the weighted average price of oil futures in London at Inter Continental Exchange (ICE) - ICE Brent Crude Futures $87,12/barrel. Weighted average cost of oil futures on the New York Mercantile Exchange (NYMEX) contract Light Sweet Crude Oil amounted to $82,2 /barrel.