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Brent crude oil price down below 44 USD

Analysts do not believe it is possible to reduce production

Baku. 15 November. REPORT.AZ/ Brent crude oil price dropped to 43.58 USD/barrel on world markets today, which is the minimum level for the last 3 months.

Report informs, for the first time since August 11, Brent crude oil price fell below 44 USD/barrel.

The negative trend in the oil market related to the statement made by International Energy Agency (IEA) about increase in oil production (230 thousand barrels / day or 0.68% ) by OPEC countries in October.

Notably, the next meeting of OPEC on November 30 in Vienna is expected to adopt a decision on production cuts.

Thus, at an informal summit of OPEC which took place in September in Algeria oil production countries come to an agreement on limiting the level of production at 32,5-33 mln bbl/day. The Wall Street Journal noted that analysts do not believe it is possible to reduce production to the level of 32,5-33 million bbl / day.It also drives oil prices down.

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