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OPEC + plans not to increase production from January
Despite the fact that “black gold” prices fell due to uncertainty about whether OPEC + will agree to extend the cut in oil production, at the same time, growth in a month could be more than 20% due to the vaccines against coronavirus.
During operations on Monday, November 30, oil prices continued to fall due to expectations of the outcome of the OPEC conference, where the issue of extending the current restrictions on oil production will be considered. However, hopes for a coronavirus vaccine have kept approximate growth targets of more than 20% in November, writes Reuters.
For example, Brent crude for January delivery fell 1.02% to $ 47.69 a barrel at 4:30 p.m. Kiev time. WTI crude oil fell 0.57% to $ 45.27.
At the same time, at the end of November, both contracts will be able to add more than 20%, which will be the maximum monthly increase since May. Support for oil prices this month came from news about the efficacy of various coronavirus vaccines, as well as hopes of extending current OPEC + production cuts.
Members of the Organization of the Petroleum Exporting Countries, Russia and other countries (OPEC + group) plan not to increase production from January 2021. The basic option is to maintain the current quotas for the first quarter of 2021. However, options are being discussed, from what month and in what volume to start increasing it.
Experts note that the winter surge in COVID-19 cases will not prevent the oil market from rebalancing as a result of the vaccine’s progress. According to the forecast, in 2021 the price of Brent crude will rise to 65 dollars.
According to analysts, it is possible that the price of Brent oil next year will average $ 49.35 per barrel.
The price of Brent oil was previously reported to exceed $ 48 per barrel.
Before that, it was known about the rise in oil prices to a maximum of seven months.
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