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World oil prices continue to rise

22 november 2016, 12:00

World oil prices continue to rise. This is evidenced by the electronic trading data, Tengrinews.kz reports.

Thus, as at 09.20 Astana time the price of January futures for North Sea petroleum mix of Brent crude rose to 49.31 dollars per barrel. US Oil Price WTI crude was 48.65 dollars per barrel.

It is worth noting that at the end of October at the informal meeting in Algeria, OPEC agreed to limit production in the range of 32,5-33 million barrels of oil per day, but specific limits for each of the countries of the organization have not been agreed yet. The organization expects to join the measures to stabilize the market for a number of other oil-producing countries, especially Russia. The final decision will be made on November 30 in Vienna.

Previously, in the interview to Tengrinews.kz the experts talked about what could happen to the oil market after that meeting. Thus, according to "Analytics Online" expert Vladimir Chernov, if the participants manage to agree on some kind of regulation and monitoring of the freezing level of production, the increase in oil prices could drag on for the long term. According to Chernov, if the outcome of this meeting is really positive, then oil prices will continue to rise further this  year, and may strengthen to 62 or even 67 USD(the highest price of the previous year) per barrel.

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