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- Oil prices fell amid signs that OPEC will dither on supply cuts
Oil prices fell amid signs that OPEC will dither on supply cuts
Since the beginning of today's trading oil prices fell more than 1%. The cost of Brent crude oil on the London Mercantile Exchange fell by 1.8% to $ 46.40 per barrel and WTI crude oil in New York was $ 45.32 per barrel, down $ 1.6%.
The price of oil started to decline amid growing doubts about the ability of the Petroleum Exporting Countries to agree on production cuts.
A meeting of OPEC with countries that are not part of the organization for discussion on the limitation of oil production measures was canceled, since Saudi Arabia has refused to participate in it.
On Sunday, Minister of Energy of Saudi Arabia Khalid al-Falih said that the oil market is balanced by the natural way in 2017, even if the producers did not intervene, and therefore to maintain the current level of production can be justified.
"We believe that the price balance will be restored, and we expect that demand will improve in 2017. Then prices will be balanced, and it will happen without the intervention of OPEC" - said the Minister of Energy of Saudi Arabia Khalid al-Falih.
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