World oil prices are falling significantly in the morning of November 23. This is evidenced by the auction data. As of 7.46 Moscow time, the cost of January futures for the North sea oil mixture of Brent decreased by 1.04% to 61.95 dollars per barrel. The price of January futures for WTI crude oil fell by 2.49% to 53.27 dollars per barrel.
The main negative factor for the oil market is the fear that oil-producing countries produce more raw materials than the world can consume against the background of the prospects of slowing growth of the world economy.
At the same time, the bidders drew attention to the statement of the Minister of energy of Saudi Arabia Khalid al-falih that the country will not oversaturate the oil market with supplies, but will satisfy the existing demand. Al-falih said that the production of the Kingdom is now above the level of 10.7 million barrels per day, RIA Novosti reports.
Also, investors continue to assess the prospects of reducing OPEC + oil production. The meeting of the Ministerial monitoring Committee of OPEC+ will be held on December 5 in Vienna, and on December 6 there will be a meeting of Ministers of OPEC member countries, followed by December 7-Ministers of all 25 countries — participants of the OPEC+ agreement.