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Oil will start to grow after a meeting of OPEC experts


November 20, 2018, 07:11 – REGNUM
On the London Intercontinental Stock Exchange, on November 19, Brent crude fell 1.5% to $ 66.05 a barrel. Small growth on Friday could not be sustained. The market is under pressure from a record increase in commercial oil reserves in the United States, a real increase in oil production by Saudi Arabia and other OPEC countries, as well as the anti-Iranian oil embargo, which has actually failed, said the correspondent REGNUM Deputy Director of the Analyst Department of Alpari Наталья Милчакова.

Saudi Arabia officials meanwhile said the current cost of barrels of oil is underestimated, and oil today will cost around 80-87 USD per barrel. To overcome the imbalance in the market, Saudi Arabia plans to cut oil production in December by 500 thousand barrels per day. However, the final decision to reduce oil production will only be at the OPEC summit, scheduled for December 5th.

Therefore, before declaring OPEC decisions officially adopted, the oil market is not yet ready to grow. If only these solutions contribute to the growth of the market. Today, November 20, at the price of Brent crude oil, new fluctuations were expected at $ 66-68 per barrel.

See also: Oil prices are recovering – an expert

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