Oil prices have fallen amid increasing concerns that prominent fuel exporters may not reach an agreement to reduce oil output in the meeting scheduled for tomorrow. 

OPEC countries will meet in Vienna on 30 November with the objective to cut oil production by approximately one million barrels a day from the current production of 33.82 million bpd.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Some members of this oil cartel do not agree with the plan, increasing the chances of this meeting not succeeding.

Brent crude oil LCOc1 was down by 55 cents to reach at $47.69, while US light crude oil CLc1 fell by 55 cents at $46.53 per barrel, reported Reuters.

"If crude inventories grow, oil prices may dip below $45 a barrel."

Non-OPEC country Russia has stated its inability to participate in the meeting.

See Also:

Goldman Sachs said that intense negotiations were required to reach a deal.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It was quoted by Reuters as saying: “The latest headlines suggest that while there is a broad agreement on the rationale for a cut, political considerations and country level quota negotiations are so far preventing a deal from being reached.”

Analysts believe that oil prices could reach $50 per barrel if OPEC agrees to a production cut. If crude inventories grow, oil prices may dip below $45.

There are also chances that oil importers in Asia, which is the biggest customers of OPEC, may look to secure supplies from non-OPEC countries, if OPEC resorts to an artificial production cut, reported the news agency.