The price of a barrel of Brent crude oil has fallen below 41 per dollar for the first time since February 2009.
Earlier Monday, it was reported that the cost of futures for oil of mark Brent with delivery in January 2016 on the ICE stock exchange in London fell to $41,98 per barrel.
According to analysts, the cause of a sharp decline in prices has been OPEC’s decision on increasing quotas.
Note also that the stock indices of the Russian Federation ended the day decrease. So, the MICEX index (MICEX) by the end of trading on the Moscow exchange fell 0.8% to 1741,14 points, while the RTS fell by 2.26% to 793,36 item.
The OPEC meeting
According to the results of 168-th meeting in Vienna on 4 December, the Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization.
© EPA/HERBERT PFARRHOFER
OPEC decided on the production quotas because of the position of countries that are not members of the organization
Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels./day.
The previous quota was 30 million barrels./day. As stated by the Minister of oil of Iraq, the decision on quotas was not adopted because of the position of countries outside the cartel. In his opinion, to stabilize oil prices, all countries should set limits on production.
He stated that because of the absence of such limitations the prices of oil fell to its current level.