Oil prices lose value in anticipation of OPEC meeting

Oil prices lose value in anticipation of OPEC meeting


The cost of the January futures for Brent crude mixture was reduced to a 44.25 per barrel. The price of January futures for oil of mark WTI fell to 41,58 dollars per barrel.

MOSCOW, 2 Dec. World oil prices decline on Wednesday on the eve of the meeting of the Organization of countries-exporters of oil (OPEC), according to AFP.

As at 08.10 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased on 0,12% — to a 44.25 per barrel. The price of January futures for WTI crude oil fell by 0.68% to 41,58 dollars per barrel.

Market participants are not left out of consideration 168th meeting of the OPEC which will take place this Friday in Vienna. Some analysts believe that the organization will not cut production quotas from the current 30 million barrels per day. If the organization decides to reduce the quota, it will ease the global glut on the market, which led to a strong decline in oil prices. However, some traders begin to reconsider their positions, preparing for various outcomes.

“Saudi Arabia and its allies Kuwait, Qatar and UAE account for more than half of OPEC production at 31.5 million barrels per day, while other OPEC members can’t force them to cut production. In fact, Saudi Arabia is unlikely to cut its production, in order to reclaim the free space that its competitors in General and its arch-rival Iran, in particular, can fill, if and when sanctions will be lifted”, — quotes Agency France Press report from analysts IHS Energy.