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Oil Hits the biggest weekly loss since last September
30/10/2016 0:00
[rtl]BAGHDAD follow Farah pumice
again plunging oil prices , after long talks in Vienna between producers within the "cartel" and abroad to cut production, amid opposition from Iran , which refuses to even install production.
Began Organization of Petroleum Exporting Countries Expert Petroleum (OPEC) and their counterparts from non - member producers such as Russia negotiations lasted two days to restrict production to reduce global exuberance that have affected the market for two years.
It consists of high - level meetings of the Committee of Governors of the "OPEC" and therepresentatives of the States who who report to the ministers concerned.
I saw oil prices down from $ 50 a barrel at the settlement, to incur greater weekly loss in six weeks on fears of the non - Organization of Petroleum exporting countries applying for (OPEC) to cut planned production fully implemented , despite the release of data reduced the number of US rigs show for the first time since June.
the decline in the price of the global London Brent crude futures 76 cents , or 1.5 percent to reach at the settlement of $ 49.71 a barrel. Crude reached its lowest level during the session at $ 49.31 a barrel.
The price fell US crude West Texas Intermediate futures to $ 1.02 or two percent to reach at the settlement of $ 48.70 a barrel. And record crude lows during the session at $ 48.42 a barrel.
And incurring Van loss weekly four percent is nearly the largest since the middle of last September.
Sources in the "OPEC": "Participants in the negotiations have not agreed on the details ofreducing production to between 32.5 million and 33 million plan barrels a day, while Iran opposes the installation of production. "
the sources confirmed that" high - level committee of experts will meet again in Vienna on November 25 before the next meeting of the Ministers of "OPEC" on the thirtieth of the same month "to complete the individual quotas (production quota for each country) . " .
while Russia predicted a quick recovery in the shale oil production in the United States, believing that the freezing of production could be short - lived, according to the agency ,Russia's Interfax news agency, quoting the Russian Ministry of energy.
sources in the oil industry: that Russia organize a gathering of producers of domestic oil a week of "OPEC" meeting before.
on the other hand , analysts Commerzbank Bank said: the success of the production deal depends on whether the producers of the Gulf (Saudi Arabia, United Arab Emirates, Kuwait, and Qatar) are ready to cut production of its own if it can to reach any agreement with the others.
but Baghdad has said last week that she wanted to be exempt from cutting production because it needs oil revenues to carry out the military to its campaign against al (Daesh) terrorist, sparking heated debate about the "OPEC" calculation of Iraq's oil output crude.
the "OPEC" agreed last month in Algiers to cut crude oil production to between 32.50 million and 33 million barrels per day in the first cut since 2008 in order to raise prices.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=125778[/rtl]
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