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The statements of the Saudi Minister has stabilized oil prices

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The statements of the Saudi Minister has stabilized oil prices

The statements of the Saudi Minister has stabilized oil prices
September 01
16:00 2016

Oil has become stable on Thursday, responding to the statements of  Khalid al- Falih, Oil Minister of Saudi Arabia, that the organization of the oil exporting countries (OPEC ) is close to a common point of view on the issue of oil production. Individual investors believe that this fact can support the quotes.

By the mid-day futures contracts for oil have lost 3 cents – to $ 44.68 per barrel. By the end of the previous session they fell by $ 1.65.

Futures contracts for Brent crude have lost 6 cents, being amounted to $ 46.83 per barrel after falling by $ 1.84 on Wednesday.

Also, on Thursday the Minister of Foreign Affairs of the Saudi Kingdom said that the OPEC organization and raw materials producers outside the OPEC were close to the consensus on the issue of oil production.

In particular, he said: “I think that we are moving towards the common position and collaboration.”

The OPEC member states are planning to meet on the sidelines of the International Energy Forum with the participation of producers and consumers of oil in Algeria on 26-28 September. Russia is going to take part in it, too.

However, many investors doubt that OPEC will be able to agree on the raw materials production freeze. All previous attempts to cut the production have failed.

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