The price of Oil has grown to be the the start of the week rather moderate. Fears from the past week, a reduction in subsidies of the organization of petroleum exporting countries (Opec) would drive the price of crude oil higher and with it the petrol prices to new heights screws, not confirmed on Monday, anyway. In the afternoon, the price of North sea Brent crude oil stood at 61,28 dollars per Barrel (the barrel is 159 litres), a decrease of 0.6 percent. Heating oil rose in price to start trading easy; regional, it was lunch again, slight discounts, as the Internet portal Heizoel24 reported in the 500 retailers report their prices.
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On Friday, Oil had become during the Opec meeting in Vienna intermittently significantly more expensive, did not last long. “Once at full throttle, turn and work back, it was said in relation to the price of Oil”, writes the Internet portal Heizoel24 in its daily market report. Eugen Weinberg, Ölanalyst of Commerzbank, was the not very resolute Opec plans to the debt. “I think you should not we tend to ask why the price, despite a weak decision,” said Weinberg. For one thing, there are exceptions from the subsidy cuts, such as those for Iran, Libya and Venezuela. For another, Opec wants to cut production by only 800,000 barrels per day. “That would not be sufficient, were it not for the Non-Opec countries such as Russia, Oman and Canada who want to reduce their production voluntarily in order to further 700,000 barrels,” said Weinberg.
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This is likely to be sufficient for the total year 2019, in the first quarter is likely, however, a Glut Mr. Currently, the news from Libya, where the largest oil field Sharara temporarily will be closed, as well as the fact that after the price decline in the past few weeks, many of the risks are priced based on the market. In addition, the demand for bills to respond to the favourable prices. “Now reduce this week, the American energy authority its estimate for the us Oil production in 2019, is expected to recover, the price of Oil again,” said Weinberg.
to grow Stronger the price of Oil but believes Frank Schallenberger, Ölanalyst of Landesbank Baden-Württemberg. Jan Edelmann, Ölanalyst of HSH Nordbank, has dealt with the question of how the funding cuts will be allocated to the individual countries. He believes that Saudi Arabia should reduce its production of 330,000 barrels per day, Russia to 230000 barrels. Also Kuwait, the United Arab Emirates and Oman, are projected to contribute to the cuts. In Iran and Venezuela, however, there could be, although both countries are excluded, involuntary contributions to the reduction in subsidies. And in Libya, the funding could fluctuate in the coming year.