Opec boosts the Oslo Børs – HegnarOnline

Bloomber News reported, according to TDN Finans, that Opec keeps output quota of 30 million barrels per day. Thus, the celebration erupted on the Oslo Stock Exchange. The main index goes from negative to positive, and early Friday afternoon up 0.2 percent to 650.64 points.

Ahead of the meeting, it was expected that Iran would ask the other OPEC countries if allowed to pump a further 1 million barrels out of the market.

– While Iran plans to increase production by half a million barrels of oil in June, holds Saudi Arabia production closely to record levels, said oil analyst Bjarne Schieldrop at SEB before the meeting.

Schieldrop feared increased oversupply and price pressure as a result of today’s cartel meeting.

Fear of increased quotas at today’s meeting also sent oil prices down in the years before the current production quota was known.

The July contract for one barrel burning oil was trading at $ 61.62 shortly before 11:00 Friday morning. Following the decision unchanged production, price rises 1.26 percent intraday to $ 62.71.

Similarly, a contract for the American light oil was traded for $ 57.57 until 11 o’clock, but is now up 1 , 03 percent intraday to $ 58.60 a barrel.

– Opec is committed to the production quota, which is kept unchanged at 30 million barrels per day, said Saudi Arabia’s Oil Minister Ali al-Naimi news agency. He says that today’s Opec meeting was the “most cordial” cartel had.

After IgE Opec meeting in November 2014, prices fell from around $ 77 a barrel, which corresponds to levels several member states ahead of today cartel meeting have indicated that a “fair” level, to around 45 dollars a barrel in mid-January.

They have since picked up again, and in his opening speech to the conference participants Friday said Quatars energy and industry minister Dr. Mohammed Bin Saleh Al-Sada, who for the occasion is the president of the conference, the fall in prices was not driven by fundamental market conditions.

– It is obvious that speculators have played a role in this decline, says Al-Sada further in his speech said he assumes that market balance will pick up again in autumn 2015.