Energy ministers in Saudi Arabia, Kuwait, Venezuela and the UAE are afraid of price collapse as current black gold prices plummet, as in 2014, with production restrictions on Abu Dhabi on Sunday, November 11 I studied the possibility of going back. However, it should not make a decision, but should make recommendations in Vienna before the OPEC General Assembly meeting in December.
Crude oil prices, which peaked between early October and early November, fell close to 20 percent in a month. Level for four years. Brent crude prices fell below $ 70 for the first time since April, and the New York-based WTI has fallen below $ 60 for the sixth consecutive month.
Despite signs of slowing demand, Saudi Arabia, Russia, Kuwait and Iraq have recently increased crude oil production and the United States has increased shale oil prices.
The recent drop in oil prices is the result of a decline in import demand in China, which is experiencing partly slowing growth, said Cailin Birch, an analyst at the Economist Intelligence Unit. Also, US sanctions against Iran, which threatened to reduce international supplies and raise prices, were not worse than expected.
Respect for the contract
Regarding US sanctions, the three largest producers in the world, Moscow and Riyadh, revised their production restrictions in June to further offset Iran's oil exports and offset the offset. Starting in December 2016, OPEC member states led by other non-Cartel producers, including Saudi Arabia and Russia, have agreed to cease production of black gold.
At the Sunday meeting of the joint ministerial meeting to monitor the negotiations, they try to deal with the decline in production. According to Saudi Energy Minister Khaled Al-Faleh, Riyadh has increased production from 9.9 million barrels a day to 10.7 million barrels per barrel in May.
According to Forex.com analyst Fawad Razaqzada, "The need to return to 100% compliance on contract"It is after Washington's decision to allow exemptions for eight oil importing nations. Saudi Arabia, Russia, the United States and other major producers such as the United States continue to fall production, the amount of Iranian barrels above the amount is falling.He explained.
producer "If we do not intend to reverse the latest rise in production, oil prices may surge further,, Friday analyst Commerzbank warned.