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German Gref: the market does not trust the Algerian OPEC agreements

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German Gref: the market does not trust the Algerian OPEC agreements

German Gref: the market does not trust the Algerian OPEC agreements
September 30
15:00 2016

According to German Gref, Chairman of Sberbank, oil prices will continue to rise next year. On average, Gref expects the value of $ 50-60 per barrel. He said that the market didn’t trust the agreements reached in Algeria.

On Wednesday the Organization of Petroleum Exporting Countries (OPEC ) reached an agreement on reducing the production at an informal meeting, which took place in Algeria. It was decided to leave the production levels within 32,5-33 million barrels of oil per day. The cartel is going to establish the production volume for each country with the help of a special committee at the official meeting in Vienna on 30 November.

In addition, an official statement from the cartel on the timing performance of the OPEC agreements is expected by the end of November.

Gref said: “Today, we have, of course, serious doubts about the effective execution mechanism (OPEC agreements). As for the prognosis, we focus on the script, which is prepared by the best consulting companies in the world; and they forecast that the price will grow up. “

“Next year the oil price will be within 55 dollars per barrel. The price of 55-60 dollars per barrel will be held, to be exact – within 50 plus and 60 plus. Nevertheless, this is a growth from the current levels. Therefore, we hope that the situation will develop in such a way; although, the price of oil is very susceptible to fluctuation depending on different factors, “- said the head of Sberbank.

In addition, he said: “As long as the market does not trust these agreements, there is not even a mechanism of quotas allocation among the countries. Let’s see what will happen next”.

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