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Oil prices tumbled 9% on Tuesday, Reuters reported, as efforts by major OPEC exporters to reach a deal to reduce global excess supply and boost prices hit a wall. A day before the meeting, Iran and Iraq were still in a stalemate with Saudi Arabia.
Brent crude oil fell .USD, or .%, to settle at .USD per barrel. U.S. crude oil fell .USD, or .%, to settle at .USD per barrel. Brent crude oil posted its biggest one-day percentage drop in January.
Today's sharp drop in oil prices means that the two major global benchmarks of crude oil may fall for the second consecutive month. U.S. crude oil may fall by about %, and Brent crude oil may fall by nearly %.
Most analysts believe that a production reduction agreement will be reached at the meeting in Vienna. The meeting is scheduled for Wednesday.
However, despite the continued pressure from Saudi Arabia, the leader of the world, Iran and Iraq, the second and third largest oil producers in the organization, have not relented on the issue of production cuts, making it difficult to reach an agreement.
&Iran and Iraq refuse to cut production. Even to reach the high end of the production range agreed to by the Algerian meeting, other member countries, such as Saudi Arabia, will need to reduce production more significantly. From a political point of view, this is difficult to achieve. ,& Morgan Stanley analysts said in a report. The bank still prefers to believe that a deal can be reached.
Sources familiar with the meeting documents said that documents prepared for the meeting showed that it was proposed to reduce daily production by 10,000 barrels on a monthly basis, slightly higher than the 10,000 barrels discussed at the Algeria meeting in March. The monthly daily output is approximately 10,000 barrels.
Russia confirmed on Tuesday that it would not attend the meeting, but said it might consult with it later.
Analysts said they believed an agreement would be reached at the "last minute", but the bank pointed out that the remaining issues may still be the original issue, which countries will reduce production and by how much.
It is expected that if an agreement cannot be reached, oil prices will fall below the US dollar per barrel. If an agreement can be reached, oil prices will return above the US dollar.
Asia is the largest export market for oil. Asia's oil-importing countries have said they are not happy with artificially reducing supply to boost prices and will look elsewhere for more supplies once output is cut.
> Hubei Shengben Bulk Commodity Account Opening Online Consultation Hubei Shengben Bulk Commodity Retail Investment Agent Phone Number What procedures are needed to open an account in Hubei Shengben, what information should be prepared, and find professional account opening personnel to open an account.
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