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Expert's opinion from FXFinPro

OPEC's decision has led to saving of the negative dynamics of oil prices

On Friday, OPEC held a meeting at which it was decided to increase the target level of production to the current level of oil production of 31.50 million barrels a day. The next review of quotas is planned after the increase in oil production in Iran after the lifting of sanctions on oil exports, which may happen in the coming months. Iran has promised to increase the supply of oil on the market by 1 million barrels a day for three months after the lifting of sanctions. The cartel will continue to work with the oil producers, who do not belong to OPEC. We see no reason to change the current negative trend to the positive and taking into account the likely strengthening of the US dollar, expect a drop in Light Sweet prices to 38 dollars per barrel in the near future.

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Monday, 07 Dec, 2015 / 12:34

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