Moscow. December 8. The prices for oil imports are rising Tuesday after falling the previous day more than on 5%, to lows not seen in almost seven years, because of the decision of the Organization of countries-exporters of oil (OPEC) of maintaining actual production volumes of oil, amounting to about 31.5 million barrels a day, reported Bloomberg.
The members of the cartel agreed not to set quotas before its next meeting in June 2016.
The January futures for Brent crude on London’s ICE Futures exchange at 11:06 GMT rose $0.36 in (0,88%) – to $41,09 per barrel. At the auctions on Monday the price dropped to 5.28% to $40,73 per barrel, the lowest level since March 2009.
Futures prices for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) on Tuesday morning increased by $0,18 (0,48%) – to $37,83 per barrel. According to the results of the previous session, the contract price fell by 5.8% and amounted to $37,65 per barrel, the lowest level since February 2009.
The oil Minister of Iran Bijan Zanganeh said earlier that Friday’s OPEC decision means that “everyone can do what I want”. He estimates the excess supply in the market at $2 million. Iran is prepared to boost production immediately after the lifting of international sanctions against the country.
“It’s hard to find any bullish factors that could push oil prices up, says commodity analyst at Hyundai Futures Corp. Villas Yun. – The period of oversupply of oil in the world will be long lasting, because Saudi Arabia wants to cut production adjustments in connection with the return of Iran”.