Oil prices are declining in expectation of OPEC meeting+

© AP Photo / Hasan JamaliДобыча oil. Archival photoOil prices are declining in expectation of OPEC meeting+© AP Photo / Hasan Jamali

World oil prices decline on Tuesday amid uncertainty over the fate of the transaction for the reduction of oil production by OPEC as well as on industry news from the United States, according to the auction.

As at 8.43 GMT the price of February futures for North sea petroleum mix of mark Brent has decreased on 0,27%, to 63,21 USD per barrel. The price of January futures for WTI crude oil fell by 0.53%, to 57.8 dollars per barrel.

Traders continue to wait for a meeting of Ministers of petroleum and energy States of all 24 agreement to reduce production of «black gold» within and outside of OPEC. The meeting will be held on Thursday, 30th November, in Vienna. Ahead of the meeting, November 29, there will be a meeting of the Ministerial Committee for monitoring the execution of the transaction OPEC+, and adjustments in the terms and conditions, which includes representatives of only six countries in the agreement: Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia.

On Monday, Russian energy Minister Alexander Novak said that virtually all countries of the transaction in favor of its extension. However, traders remain cautious, as there is no certainty whether in the end renewed the agreement at a meeting in Vienna and for how long.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

Pressure on the price of WTI have news about the restoration of the Keystone pipeline company TransCanada after the repair. Previously, TransCanada has announced that it has collected thousands of 44.4 gallons (about 1 thousand barrels) of oil after a spill on the Keystone pipeline in the us state of South Dakota. The amount of leakage is estimated at 5 thousand barrels of oil. Part of the Keystone pipeline from the canadian Hardisty Alberta to Cushing (Oklahoma, USA) and from Hardisty to wood river and Patoka (Illinois, USA) was blocked last week.

Oil prices are declining in expectation of OPEC meeting+© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market