[size=30]Falling oil prices, with the emergence of doubts about a planned production cut[/size]28/11/2016 09:13 |
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Direction Press / Agencies
Oil prices fell more than one percent on Monday, continuing a decline from last Friday after it emerged from a new doubts on the ability of the major producers to cut production at a meeting to be held on Wednesday, aimed at curbing the increase of the global supply of oil.
And it landed contracts futures price for Brent 84 cents, or 1.8 percent from the last closing price to $ 46.40 a barrel at 0035 GMT.
Futures contracts for WTI US prices have dropped by median 74 cents, or 1.6 percent, to $ 45.32 a barrel.
This comes landing after prices fell more than three percent on Friday due to differences between, exporters and OPEC members outside OPEC, such as Russia over countries that should reduce production and the size of the cuts in order to reduce global surplus led to a reduction in oil prices by more than half since 2014.
OPEC will meet in Vienna on Wednesday to decide on the details of the production cut may include members from outside OPEC, such as Russia and Azerbaijan.
And canceled a meeting between oil producers of OPEC and outside was to be held on Monday after Saudi Arabia refused to attend.
Said Khalid Al-Falih, Saudi energy minister said on Sunday that due to the failure to reach an agreement so far within OPEC.
He added that the oil market will balance itself in 2017 even if it did not interfere with the producers and therefore maintain the current levels of production may be justified.http://aletejahtv.org/permalink/139279.html