Oil prices drop significantly – OPEC + has not yet reached an agreement | 11/30/20


Oil prices reacted sensitively on Monday to media reports about disagreement in the OPEC + oil network.

In the morning, a barrel (159 liters) of North Sea Brent cost $ 47.11. That was $ 1.14 less than Friday. The price of a barrel of US West Texas Intermediate (WTI) fell $ 1.02 to $ 44.51.

The oil network Opec + reportedly failed to agree on a short-term production policy during an informal meeting over the weekend. This Monday and Tuesday, the discussions are to be continued in an official round. The question is whether the oil states should increase their production at the beginning of next year or whether existing production limits should continue to exist for the time being.

In addition to the OPEC countries under the leadership of Saudi Arabia, the Opec + network also includes other large production countries such as Russia. During the Corona crisis, the countries cut their production in order to stabilize the falling oil prices. In the course of the global economic recovery, the funding limits are to be relaxed. However, the economic situation has recently deteriorated again due to new corona waves, so that a temporal extension of the funding limits is being discussed.

/ bgf / stk


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