OPEC’s General Secretary Abdalla El-Badri said that the global oil prices will return to balance in the second half of 2015, because the demand of crude oil growth up and high cost producers trim output amid lower prices, Bloomberg reports. The General Secretary also added that consumption will increase by 1.2 million barrels a day after rising more slowly in 2015 than it was expected last year only 1 million barrels a day.
The lower prices have positive effect on the energy importing countries, such consumers as
Abdalla El-Badri recommended OPEC countries to continue doing investments in oil production, while diversifying their economies at the same time. For this the countries have enough budgets to invest also in different industries rather than oil. OPEC made more than $1 trillion in revenue from 2010 to 2014 when a barrel was $100. Now the price is the half, which means less revenue and this means stiff budget. For some countries it can be big challenge to set new reforms and measures for the economy development directions. For instance,