OPEC meeting in Vienna

The annual meeting of OPEC opened today in the Austrian capital. The President of the OPEC Conference and Minister of State for Petroleum Resources of Nigeria, Emmanuel Ibe Kachikwu, said that "World oil demand in 2015 will grow by 1.5 million barrels per day, up from 1 million barrels per day in 2014", during the opening ceremony . He continued, "Next year, we forecast growth of 1.3 million barrels per day to average 94.1 million barrels per day, with most of this growth coming from non-OECD countries... These developments indicate the onset of a more balanced market in 2016, with demand for OPEC crude expected to rise by 1.2 million barrels per day to average 30.8 million barrels per day for the year."

OPEC corrects its policy and looks forward
The main theme of the meeting was the enhancement of market stability, with benefits for all stakeholders, and contributions to global economic growth. OPEC also is looking for increased bilateral ties and cooperation with non-OPEC countries. This year saw bilateral dialogue with Russia and China, and later this month the OPEC-India Energy Dialogue will have its first meeting.
 
Previously, the meeting Minister of Petroleum and Mining of Venezuela, Eulogio del Pino, proposed to cut global oil production by 5% in order to stabilize oil prices. "Oil production cutting should be done by all - both the OPEC members and countries that are not members of the organization, including major oil-producing countries such as Russia," he said.
Oil economy
OPEC as well as other countries depend on oil profit, and state budgets are interconnected with market values.
 
Oil prices dropped during 2015 and many oil producers expressed concerns about this decrease for the industry. The price of the OPEC basket of twelve crudes stood at 37.89 dollars a barrel on Thursday, December 3rd, compared with $38.46 the previous day, according to calculations of the OPEC Secretariat .
Global market and petrodollars

At any rate, oil prices depend on market values and speculation. Oil prices are also connected with the dollar, and this means the invisible presence of the Federal Reserve system of the US. Some countries like China, Iran and Russia already have started the process of de-dollarization in bilateral trade, including energy supplies.