Oil price may increase up to 60 USD

Baku. 2 December. REPORT.AZ/ Two events on a global scale expected this week. One is the report of the International Atomic Energy Agency (IAEA) on Iran, the second - the OPEC meeting on December 4, which is expected to make important decisions.

Report informs, on December 2 report of IAEA experts will be released on the issues of settlement of controversial issues of the Iranian nuclear program.If the agency gives positive conclusion, two weeks later the Board of Directors will approve decision of the IAEA.Thus, Iran will start to increase oil production this month, leading to a sharp drop in oil prices on the world market.

Analythical group of Report predicts that in the case of a positive decision on Iran oil futures will fall below 40 USD / barrel. On November 29, Iran introduced a new model of oil contracts in an effort to attract foreign investors.Iranian Oil Minister Bijan Namdar Zanganeh said his country expects to open 52 oil deposits for investors worth 30 bln USD.However, any negative decision of the IAEA will lead to higher prices to 60 USD / barrel.

At the OPEC meeting on December 4 reduction of quotas not expected.Head of the Research Department of the oil market in New York department Societe Generale Mike Wittner said that nothing will happen without decision of Saudi Arabia: "This decision is now impossible."

M.Wittner also noted that the production volumes of shale oil also dropped enough.Over the last week the number of active deposits declined by another 9, for last year - from 1572 to 555.Despite this, the monthly volume of oil production in the US still higher than 9 mln barrels.

In 2012, the US produced 6.5 mln, in 2013 - 7.44 mln, in 2014 - 8.72 mln barrels / day.