Most of the economic experts believe that just two percent reduction in the global oil production would increase towards the higher prices and predicted a significant rise between 50 to 90 percent.
A report indicated that the continuous decline in the global oil prices have created critical economic situation and most of them experienced major decrease in their financial savings of several decades. Point to be noted that Russia has lost more than 140 billion U.S dollars and Saudi Arabia has lost 100 billion U.S dollars. It is important that Oil World Report has mentioned the global oil production recorded after the end of 2014 and 93.44 million barrels per day recorded in the month of February 2015 and it was reached at 91.62 million barrels per day. The significant increase with 2.18 million barrels per day recorded at the end of 2015.
The report indicated that Iraq participated in this increase with more than 691 thousand barrels per day. The share of Saudi Arabia in the increase of global production is amounted at more than 456 thousand barrels per day and Russian share in this increase is estimated at more than 239 thousand barrels per day. Report said that these oil producing countries have added at least 64 percent in the total global oil production. It is also mentioned in the report that global oil market has shown its positive response on an agreement signed in Doha to reduce their oil production. It is important that with the presence of surplus at the level of production in the month of January 2016 showing a continuous decline in the oil prices globally.