Markets are waiting for, " OPEC " meeting next week
Oil falls towards $ 78 with flood in supply
Oil prices fell towards $ 78 a barrel Wednesday after data showed rising crude exports in September, despite indications of a glut the market and divisions within the Organization of petroleum exporting countries ' cartel ' appeared to grow before a meeting to discuss output policy next week. According to Reuters, the attention focused on the response of the OPEC to lower oil prices by almost a third in the past few months with calls for some smaller members of OPEC to cut production during the meeting held on 27 November in Vienna, Saudi confirm major OPEC member, was left to supply and demand factors. For veteran OPEC delegates cannot predict how OPEC will deal with the collapse of crude prices this year, according to an OPEC delegate much work long ago, that for the first time, I really don't know what happens at the meeting, and it is not clear.
Increased speculation on OPEC ' reaction ' to the plummeting world prices about one-third since June after Venezuela's call to strengthen the cooperation among the States of the Organization and also with countries outside of Russia. Meanwhile, the representative of Libya in OPEC to agree to adhere to production and reduce it if necessary by 500,000 barrels a day. Samir Kamal told delegates Libya in OPEC and the oil Ministry's Director of planning, I think the Ministers will reach a minimum agreement that commits all members to thirty-million ceiling for the month of December.
The commitment to the target level to lowered OPEC's production of 600,000 barrels per day at the International Energy Agency estimates that the Organization has injected 30.60 million bpd last month, according to OPEC itself to a level below that of 30.25 million barrels per day. Oil fell to the lowest price in four years under $ 77 per barrel last week owing to abundant global supply , slowing demand and questioning the ability of the Organization of petroleum exporting countries to boost prices. The Libyan official said that he expected OPEC to monitor market reaction and determine if necessary a new ceiling of not more than 29.5 million barrels a day. Last month called on OPEC production cut perfection at least 500,000 barrels a day and said it should be except Libya as they work to maintain the increase affected production for months by fighting and protests.
Venezuela and Ecuador wants to reduce OPEC's output, while Kuwait says that the reduction in customers ' opinions are excluded and analysts about the possibility of taking a step. Nicolas Maduro said Venezuela President scheduled a special global meeting ' very soon ' while Russia announced that company President State giant Rosneft will travel to Vienna on 25 November to attend a Conference on the oil market just two days before an OPEC meeting. Alexander Novak Russian Energy Minister Rafael Ramirez said after his talks with Venezuelan Foreign Minister earlier that Russia and Venezuela discussed joint measures to counter falling oil prices. Brent crude fell 10 cents to $ 78.37 a barrel by 0815 GMT was down 84 cents at settlement on Monday, with us crude fell 60 cents to 74.01 dollars after the close yesterday, falling $ 1.03 dollars.