Date: 6 months ago   Category: Economy

Prices of oil continue to grow on decisions of OPEC - RIA Novosti, 9/25/2018


MOSCOW, 25 Sep — RIA Novosti. The world prices for oil on Tuesday after significant growth continue to show positive dynamics on decisions of OPEC concerning level of production of raw materials a day earlier, testify given to Pass the auction.© RIA Novosti / Vitaly Timkiv into an image bank the World market of oil partially is in deficiency, Novakpo to a state considers at 8:34 Moscow time the cost of December futures for the North Sea oil mixture of the Brent brand grew for 0,2%, up to 80,69 dollars for barrel, the price of November futures for WTI crude oil — for 0,12%, up to 72,17 dollars for barrel. On Tuesday investors continue to win back results of a meeting of ministerial committee on monitoring of the transaction of OPEC which has taken place on Sunday in Algeria. The committee has agreed to continue to aspire to the 100% level of performance of conditions of the Vienna agreement and at the same time has noted that concrete figures aren't so important, the main thing — to keep the reached balance of the market. The Minister of Energy of Saudi Arabia Khalid al-Falikh following the results of a meeting has said that the OPEC expects surplus of the offer in the world market of oil in 2019 and allows a possibility of return to reduction of her production. On this background Brent crude oil has risen in price on Monday more than for 3%. "Prices of oil continue the impressive growth, the last dynamics was given support of news from OPEC from a meeting during week-end where the organization has agreed not to carry out the immediate growth of production, and the message of last week that Saudi Arabia considers acceptable the price of oil of Brent in 80 dollars now" — France Presse agency gives opinion of the head of department of trade of the Pacific Rim of OANDA Stephen Innes. The OPEC and a number of the countries (OPEC) which aren't entering into the organization have agreed at the end of 2016 in Vienna about reduction of oil production on 1,8 million barrels a day from the level of October, 2016 from which 300 thousand fell on Russia. The contract started since the beginning of 2017 and has been prolonged until the end of 2018. In June, 2018 the OPEC has coordinated the purpose to avoid overfulfillment of terms of agreement which then made 47%. It was explained that in practice it will mean increase in production by 1 million barrels a day, including Russia — approximately on 200 thousand.

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