Top Oil News Brief/Roundup As Reported to 1st November 2016…..
The price of OPEC basket of fourteen crudes stood at $45.83 a barrel on Monday, compared with $47.04 the previous Friday, according to OPEC Secretariat calculations.
Oil prices have dropped more than $1-a-barrel to their lowest level in more than a month on renewed concerns about Opec’s deal to cut production. The strong dollar and rising US crude stocks are also weighing on the oil price.
Brent crude fell to about $48.15 -a-barrel for the first time since September.
Officials from the major oil producing nations failed to agree specific terms on the output cut when they met in Vienna on Saturday.
Crude prices will likely return to around $40 per barrel if the Organization of the Petroleum Exporting Countries (OPEC) fails to curb output, says Wall Street bank Goldman Sachs.
The OPEC High-level Committee, established by the Algiers Accord, met with non-OPEC oil producing countries on Saturday, 29 October, at OPEC headquarters in Vienna. It was preceded by the first High-Level Committee Meeting, held Friday, 28 October, among OPEC Member Countries.
In addition to OPEC Member Countries, six non-OPEC countries attended the joint Meeting. They were Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and the Russian Federation.
The Meeting acknowledged the landmark Algiers Accord, which was a consensus decision of all OPEC Member Countries, and underscored the positive impacts it has had on the markets, with a reversed trend in oil prices and reduced volatility, providing a common platform for all producers to work jointly on restoring stability to the markets.
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