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The oil price growing again while the world awaits news on OPECís decision



World oil prices have started growing the day before almost by 4 percent against the background of OPEC meeting expectations, as illustrated by trading data.



30.Nov.16 1:25 AM
By Anna Tuzova
Photo Toinnov.com

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The oil price growing again while the world awaits news on OPECís decision
World oil prices have started growing the day before almost by 4 percent against the background of OPEC meeting expectations, as illustrated by trading data.

As at 0:30 am (UTC-5), the February North Sea Brent oil futures price has increased by 0,70 percent to $47,65pb. The January WTI oil futures has increase by 0,57 percent to $45,49pb.

The OPEC official meeting in Wien, at which the organization will finally decide on oil output limiting, will be held on 30th November. The cartel has agreed on limitation of output in a range between 32,5 and 33 million barrels of oil per day at the informal meeting in Algeria in late September. But there arenít any agreements for the specific limitations for the countries yet.

At the same time the question, whether the OPEC countries will reach the final agreement, remains outstanding. Mass media have stated on Tuesday that Iran plans to ďfreezeĒ the oil output after returning the market share in the early January. The Iranian oil minister Bijan Zanganeh has stated that the country isnít ready to reduce production, according to Reuter.

According to Zanganeh, the oil output should be cut in the first place by the countries, which have increased it, while Iran was under the international sanctions. Iran in its letter sent to OPEC on Tuesday has claimed that it wants Saudi Arabia to reduce the oil output almost by 1 million barrels per day, according to Reutersí courses familiar with the content of the letter. Itís far more than is offered by Riyadh, as the interlocutor of agency has noted.



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