Oil prices have gone down after non-Organisation of the Petroleum Exporting Countries (OPEC) oil producers did not make any commitment to join the cartel to freeze output levels.
London Brent crude for December delivery LCOc1 declined 29 cents at $49.42 a barrel, while the NYMEX crude also slipped 29 cents at $48.41 a barrel, Reuters reported.
Officials from OPEC countries and non-OPEC producers including Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia met on 29 October at OPEC headquarters in Vienna.
The meeting was a ‘positive development’ towards reaching an agreement that would be finalised on 30 November, and was preceded by the first high-level committee meeting, held on 28 October among OPEC member countries.
It acknowledged the Algiers Accord, which was a consensus decision of all OPEC members, and underscored the positive impacts it has had on the markets, reported the news agency.
During the meeting, OPEC members did not agree on how to implement a global deal to limit production, following objections from Iran which is not willing to cut output.
The meeting noted that despite prevailing uncertainties, the world economy is expected to see improvements during this year and next year.
Also, the negative impact of prolonged low oil prices may extend into an unprecedented third year.
Next year, Russia hopes to increase its oil output by 0.7% and a further 0.9% in 2018.
