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Brent crude oil may rise again to $64-69, despite Qatar’s leaving OPEC

Brent crude oil may rise again to $64-69, despite Qatar’s leaving OPEC

The price of Brent crude oil may rise again to $64-69 per barrel, Ilkin Aliyev, analyst of the Azerbaijani investment company InvestAZ, told Trend Dec. 4.

He said that such a scenario is possible if the oil price in global markets continues to remain above $62 a barrel.

“Recently, the decision of the government of Qatar to withdraw from OPEC has been discussed at commodity exchanges,” Aliyev said, noting that daily oil production in Qatar reaches 1.9 million barrels per day. “The main question of market participants is how this decision may affect oil prices.”

He said that the decision of Qatar will weaken the position of OPEC in relation to oil production in the world, but won’t have a strong impact on oil prices.

“One of the main reasons for this is the agreement between Saudi Arabia and Russia, and the price of oil is controlled by OPEC+,” Ilkin Aliyev said. “In addition, the Qatari government noted that it will remain in the OPEC+ agreement.”

Qatari Energy Minister Saad al-Kaabi has earlier stated that Qatar is withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) as of January 2019.

Commenting on the decision, the minister noted that Qatar wants to focus on the production of natural and liquefied gas.


Masaim Abdullayev,
“Khalq qazeti”

5 December 2018 10:47 -

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