Monday, January 15, 2018

OPEC oil deal will take place unless a miracle

OPEC oil deal will take place unless a miracle

The growing controversy over the individual production quotas signal the likelihood that negotiations on Wednesday OPEC reach a deadlock, according to Barnabas Gan, OCBC economist. Uncertainty Russian participation in the transaction also enhances the voltage, since it is unclear whether the cartel will reduce oil production to 33-32,5 million barrels a day.

"Oil prices rise sharply towards $ 50 a barrel if OPEC miraculously still be able to conclude an effective agreement on the restriction of production at the next meeting. However, in view of the current situation does not seem to be able to agree that at least something"- said Gan.

Oil on the Nymex prices have recently dropped by 1%, to 45.60 dollars per barrel, while the price of Brent - by 0.9%, to 46.80 dollars per barrel.

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