The VYGON Consulting analysts believe that in order to balance the market, OPEC should start to set quotas again and take more radical steps.
"In order to eliminate the excess, it is necessary to reduce the production by 0.5 million barrels per day with participation of Iran," said the report. "Otherwise, other OPEC countries, first of all Saudi Arabia, should reduce the oil output by 0.8 million barrels per day."
The analysts forecast that if there are no regulatory decisions in 2016, the market imbalance won`t go away. However, it will decrease by around 1 million barrels per day in a year and stand at 1.06 million barrels per day, according to the report.
Doha hosted a meeting of oil producers Apr.17 with participation of representatives of 17 countries. The meeting ended without an agreement.
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