Oil prices limit early losses significantly | 11/30/20

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NEW YORK / LONDON (dpa-AFX) – Oil prices fell on Monday. Market observers referred to media reports about disagreement in the oil network Opec +. After the price fell sharply in the morning, the losses were clearly limited until the end.

A barrel (159 liters) of North Sea Brent cost $ 47.72. That was 46 cents less than on Friday. The price of a barrel of the US West Texas Intermediate (WTI) fell 33 cents to $ 44.20.

In early European trading, oil prices were down more than a dollar each. 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 news agency Bloomberg reported on Monday, citing delegation circles, that a current subsidy cut should be extended by a further three months in the coming year. As it was also said, the corresponding decision should be made on Tuesday and thus on the second day of the deliberations. In addition to the OPEC countries under the leadership of Saudi Arabia, the Opec + network also includes other large production countries such as Russia.

According to Russia’s assessment, the disagreements in the oil network are not as strong as last spring. At that time, a price war between leading oil states and the corona pandemic triggered a drastic drop in oil prices. According to a spokesman for the Russian government, President Vladimir Putin has not yet intended to speak directly to Saudi Arabia about issues of funding policy apart from the OPEC + negotiations.

The difficult situation on the oil market in 2020 will continue at least in the first quarter of 2021, said the Algerian energy minister Abdelmadjid Attar on Monday at the start of the meeting. However, he has not yet indicated any concrete steps.

The two-day meeting of Opec + will deal with the question of 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./jkr/he


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