MOSCOW, December 8. The cost of futures for oil of mark Brent with delivery in January 2016 on the stock exchange ICE in London fell by 2% to $39,99 per barrel climbing above $40 a barrel for the first time since February 2009.
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© EPA/HERBERT PFARRHOFER
OPEC decided on the production quotas because of the position of countries that are not members of the organization
Yesterday the price of Brent fell by more than 5%, the decisive breakthrough breaking the yearly lows, says expert “BCS Express” Ivan Kopeikin. “Market participants were disappointed by the absence of any action by OPEC to curb prolonged slump in oil prices”, – the expert believes.
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. 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.
“Moreover, now many OPEC countries continue to increase production, to dump on the market, extend the market to offset the decline in oil prices”, – adds the analyst UK “the Capital” Ekaterina Erkin.
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© Ruslan shamukov/TASS
The battle for oil: OPEC competitors
