Russia confirmed that it will not attend the OPEC meeting

Russia confirmed that it will not attend the OPEC meeting

By: Simon Furman | Where To Trade | On:Tuesday, 29 November, 2016
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   Oil prices lowered on Tuesday with almost 2%. This happened because experts and investors are still fidgeting about the oil deal that will be discussed on Wednesday's meeting, when OPEC members will meet to decide the future deals on crude oil production.

Reports that showed a disagreements over Iran and Iraq production levels led to the preliminary meeting on Monday, but the technical committee was unable to meet a decision. 

On Tuesday, Russia confirmed that it will not attend the OPEC meeting in Vienna on Wednesday. 

Even though Russia is not an OPEC member, some rumors said that the country might attend the meeting.  

Oil Ministers of Algeria and Venezuela traveled to Moscow to convince Russia to attend OPEC, but Russia's declaration on Tuesday confirmed that their actions were in vain.

Crude oil futures in USA went down 2.02% at $46.13. 
Brent oil futures lowered 1.99% to $48.23.

 

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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