The cost of a North sea mix Brent crude has risen to 40.9 per barrel. The price of WTI crude oil rose to 38,28 dollar. The value is adjusted on the decision by OPEC to maintain current quotas for oil production.
MOSCOW, 8 Dec. World oil prices on Wednesday are adjusted upwards after the fall yesterday on the decision by OPEC to maintain current quotas for oil production, according to AFP.
As at 07.38 GMT the price of January futures for North sea petroleum mix of mark Brent has grown on 1,56% — to 40,9 per barrel. This Tuesday, it dropped below 40 dollars per barrel for the first time since 18 February 2009. The price of January futures for oil of mark WTI has grown on 2,04% to 38,28 dollars per barrel.
OPEC at a meeting on Friday in Vienna decided not to change quotas on oil production, amounting to 30 million barrels per day, thus decided to maintain the level of actual production that exceeds the quota by 1.5 million barrels. Officially, the quota for 2011 is 30 million barrels a day but OPEC regularly exceeds it.
“The decline (in oil prices — ed.) likely driven by an increase in the supply of (raw materials — ed.) after the OPEC meeting, and the return of Iran to the market after the lifting of sanctions,” he told Reuters strategist HSBC Securities Latitude Shuji (Shuji Shirota).
In addition, investors expect the base rate increase by the fed in December. Expectations pushed the us currency to rise, which also negatively affected the dynamics of commodity prices.
Since the beginning of summer 2014 to early 2015, oil prices have fallen by more than half, from 115 to 48.5 dollars per barrel Brent. The collapse of prices last year increased the November decision of OPEC to maintain production quotas. This year the prices have not climbed above $ 67, and averaged about 55 dollars. In the period from August to November, the average price was far below $ 48 a barrel. However, forecasts for 2016, also remains pessimistic.