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Brent crude oil has fallen below $50 against the background of Iran’s statements

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Brent crude oil has fallen below $50 against the background of Iran’s statements

Brent crude oil has fallen below $50 against the background of Iran’s statements
August 29
09:00 2016

On Monday oil quotes have fallen against the background of Iran’s statements at the beginning of the trading session. They cast doubts the fact that the oil-producing countries will be able to reach an agreement on the freezing of raw materials extraction in September.  On Friday Iranian Oil Minister Bijan Namdar Zanganeh said that Iran wanted the other OPEC countries to recognize Iran’s rights to increase its market share up to the indicator which was set before sanctions. The Minister waits for this recognition before entering into an agreement to freeze the production.

The position of the Iranian side and the misunderstanding between Iran and the Saudi Kingdom was the reason that the previous negotiations among oil-producing countries in the spring of 2016 were sabotaged. Suhail Mohammed Al Mazroui, UAE Energy Minister, said on his Twitter page that in order to reach the agreement on freezing the production, all OPEC participants and independent producers must take part in the agreement.

Also, the market’s attention is focused on the news, which indicates the increase in production by some countries, particularly by Iraq. This can increase the oversupply in the market.

On the London Stock Exchange quotations of futures contracts for Brent crude oil have fallen by 1.2% – up to 49.34 per barrel to the beginning of the day.

By this time the cost of the October futures contract for WTI oil has fallen by 1.4% – to $ 46.98 per barrel on the trading on the New York Mercantile Exchange.

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