Brent oil on Tuesday morning down 0,89 percent to 47,81 per barrel, while WTI-oil falls 0,83 percent to 46,69 dollars a barrel.
in comparison, a barrel Nordsjøolje traded for 49,44 per barrel by the close of business in Oslo on Monday.
Tuesday’s price fall due according to The Wall Street Journal and TDN Finans increasing doubts about the world’s biggest oil producers on Wednesday will come to an agreement to reduce production.
Inner disagreement can lead to the derailing of Opecs plan for the cut in global oil production as in more than two years has exceeded the demand.
Analysts point out, according to the news that oil prices could fall all the way down to 35 dollars per barrel, if Wednesday’s Opec meeting ends without any agreement.
the Meeting will begin at 10, and Opecs secretary-general is scheduled to hold a press conference Wednesday afternoon.
oil prices were on Monday strengthened by the fact that Iran and Iraq signaled that the countries are willing to keep oil production stable, while the former has said that they want to increase production.
Russia, who is not a member of Opec, constitutes an obstacle in the negotiations, and the country has indicated that it wants to keep its production at 11.2 million barrels per day. A freezing of the production means, according to The Wall Street Journal after Russia’s opinion of a reduction, because the country has plans to increase production next year.
- What we see now is a tug of war among Opec members about who will get the biggest kakestykket. If there is no agreement, will none of them serve on it, ” says the analyst of Mirae Asset, Daewoo, Son Ate Hyun, to Bloomberg News.
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