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Prices for oil at leading oil stock exchanges gone down

Almaty. November 13. Kazakhstan Today - Prices of oil in the world market, following the results of the tenders on November 12, 2008 at the leading oil stock exchanges, have significantly gone down, the agency reports referring to the message of RIA RosBusinessConsulting. "The official prices of oil futures of the nearest month made: in London on InterContinental Exchange Futures - IPE Brent Crude - $52.37 (-3.34) for a barrel; in New York on New York Mercantile Exchange - Light, Sweet Crude Oil - $56.16 (3.17) for a barrel," the message states. According to RBC, on November 12 prices for oil decreased, which was caused by growth of dollar in relation to euro, the British pound and the Swiss franc. In the afternoon the price decreased on average by 5.3 %. "Thus, at present the market has a surplus of oil. Nevertheless, the Organization of Oil Exporting Countries (OPEC) considers that it is too early to speak about the necessity of further decrease of oil extraction," the text informs. According to the information and political Internet-channel Polit.Ru, OPEC can hold an emergency meeting till December 17, 2008 to discuss further decrease of oil extraction as decrease of prices for oil will damage the future of oil market. OPEC at the last session held on October 24 in Vienna reduced the planned volumes of manufacture by 1.5 million barrels a day, however, it has not helped to stop decrease of prices of oil. According to the forecast, consumption of oil in 2030 will reach 106.4 million barrels a day, which is below the level of the previous forecast by 116.3 million barrels a day. Demand from the emerging market countries till 2030 will grow and from the developed countries will reduce.

Resourse: Kazakhstan Today

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