The world prices for oil are falling down on Tuesday morning, being corrected after strong rally on the agreement of the countries of OPEC on joint actions for stabilization of the oil market, data of the auction demonstrates, RIA Novosti reports.
The cost of December futures for the North Sea oil mixture of the Brent brand fell by 0,24% — to 50,77 dollars for barrel. November futures for WTI crude oil became cheaper for 0,35% — to 48,64 dollars for barrel.
Last week the OPEC at the informal meeting in Algeria coordinated restriction of production in the range of 32,5-33 million barrels of oil a day. However on concrete restrictions for each of the cartel countries there are no arrangements yet. The final decision has to be made at the next meeting of the organization which will take place on November 30 in Vienna.
On Monday prices of oil were still growing as investors hope for achievement of the final agreement of OPEC at the meeting at the end of November. However at the same time pressure is put by the becoming stronger dollar and the prospects of increase in production of "black gold" from Iraq, Iran, Nigeria and Libya in the fourth quarter of this year.
So, in Iran oil production and condensate in September made about 2,8 million barrels a day. This indicator practically coincides with pre-sanction level of production of the country. Nevertheless, many analysts consider that Iran will not increase further the outputs and will go to the transaction on restriction of production together with other member countries of cartel.
"Now in the market optimism and nervousness is felt, as participants of the market expect any confirmation of the agreement or additional participation from the states which are not entering into OPEC" — quotes the agency analysts of Morgan Stanley.