Brent crude price exceeds 51 USD/barrel

Baku. 30 November. REPORT.AZ/ Brent crude oil price today jump by 8.5% and reached 51.4 USD a barrel.

Report informs, the reason is continuation of negotiations in a positive way at OPEC summit. Thus, according to the latest report, at present OPEC members discussing reduction of daily oil production by 1.4 million barrel not 1.2 million barrels.This news has caused a sharp increase in oil prices.

Notably, Iran and Iraq also agreed to make concessions. Non-OPEC member Russia which is major oil producer also expressed readiness to cut production.

Analytical Group of Report forecasts in case of positive results from the Vienna summit oil prices will increase to 53-55 USD/barrel and US shale oil production will be reduced to about 45 USD/barrel: "In the long term, with the slowdown in world economy, oil prices are likely to fall below 40 USD/barrel".