Oil Prices Falling Ahead of OPEC Meeting

© AP Photo / Ronald ZakArchive photo. OPEC ministers and delegates gather for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) at its headquarters in Vienna, Austria.
Archive photo. OPEC ministers and delegates gather for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) at its headquarters in Vienna, Austria. - Sputnik International
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Oil prices have fallen by 30 percent since June and continue falling ahead of Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna, scheduled for Thursday.

Tokyo stocks gain the most today during the Asia-Pacific trades. - Sputnik International
Asia-Pacific Markets Advance, Oil Slides on OPEC Meeting Expectations
MOSCOW, November 27 (Sputnik) — Oil prices continue to drop as the Organization of the Petroleum Exporting Countries (OPEC) is set to hold its annual meeting in Vienna on Thursday.

At 08:37 a.m. Moscow time (05:37 GMT) the price of WTI light sweet crude oil futures had decreased by 1.87 percent and was trading at $72.73 per barrel, while Brent crude futures were trading at $76.52 per barrel, falling by 2.37 percent.

Crude oil prices have fallen some 30 percent since June as the United States has increased its production, while demand has lowered amid slowing growth in China and Europe.

Global oil prices continued falling Friday amid a worsening forecast by OPEC on oil demand by 2035 - Sputnik International
Global Oil Prices Continue Fall Amid OPEC Forecasts
As part of the Thursday meeting, OPEC members will determine if oil production is to be cut in order to boost prices.

Representatives from Venezuela, Libya and Ecuador have voiced their support for cutting oil production, while Saudi Arabia, the organization’s largest oil producer, has so far been reluctant to take a firm stance on the issue.

Earlier in the week, the country’s Oil Minister Ali Naimi stated, however, that he expects the oil market “to stabilize itself eventually.”

A Tuesday meeting between OPEC-members Saudi Arabia and Venezuela, and non-members Russia and Mexico did not result in an agreement to curb output. Russian energy giant Rosneft head Igor Sechin told Bloomberg following the talks that Russia would not need to cut production even if oil prices fell below $60 a barrel.

OPEC currently has 12 member states, namely Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. OPEC controls some 40 percent of the world's oil output.

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