In the morning the cost of the January futures for Brent crude oil mix fell to 42,72 USD per barrel. The price of January futures for WTI – 39,58 per barrel. Analysts believe that the price of oil may fall stronger.
MOSCOW, 7 Dec. World oil prices on Monday down to lows in 2015, playing back the message after the OPEC meeting, where no action was taken to change the quota on oil production, according to AFP.
As at 07.52 GMT the price of January futures for North sea petroleum mix of mark Brent fell by 1.17% to 42,72 USD per barrel. The price of January futures for WTI crude oil fell 0.99% to 39,58 per barrel.
On Friday in Vienna meeting of OPEC. Despite the low prices and the overabundance of raw materials on the market, the organization decided not to change quotas on oil production at 30 million barrels a day, and decided to leave the level of actual production that exceeds the quota by 1.5 million barrels.
Officially, the quota for 2011 is 30 million barrels per day, but the organization regularly exceeds it. As explained the Minister of petroleum resources Nigerian Emmanuel IBE Cacique, now the level of oil production by OPEC countries is 31.5 million barrels per day.
This aggravates the situation of excess oil on the market. Oil production currently exceeds demand for about 0.5-2 million barrels per day, which led to more than 60% price drop from 2014, writes Reuters.
Analysts believe that the price of oil may fall stronger. So, Goldman Sachs does not exclude prices fall to 20 dollars per barrel, the Agency said.