Brent crude oil price falls below 77 dollars per barrel

Baku. 14 November. REPORT.AZ/ Brent crude oil price fell below 77 dollars per barrel, according to data of the ICE trading system.

As of 11:05 quotes declined by 0.6% - to 76.76 dollars per barrel, but by 11:20 the price has returned to the level just above 77 dollars.

Report informs, US Energy Information Administration (EIA) lowered the price forecast for Brent in 2015 from 101.67 dollars per barrel to 83.42 dollars per barrel. The main reason - the growth of oil production in the US and the amount of raw material supplies from Saudi Arabia to the world market. EIA oil consumption forecast decreased from 92.5 million bpd to 91.38 million bpd.

On November 27 in Vienna will host a meeting of Ministers of the member countries of OPEC, which may be considered to reduce the production. However, there is no consensus among the ministers. Saudi Arabia from October will reduce prices on Asian contracts. Against this background,Venezuelan Oil Minister Rafael Ramirez announced that the country had prepared proposals to prevent further decline in prices, and will endure them to the Vienna session of OPEC.