2016 was an active year for the oil market where experienced a lot of developments in the biggest oil producers all over the world. There was a lot of suspicious developments about the meeting for reducing the oil production in the OPEC members. Over the course of the year, many unsuccessful attempts have been witnessed within the framework of the production agreement. At the OPEC-non-OPEC production meeting in Doha in April, no agreement was reached due to problems between Saudi Arabia and Iran. Following the initiatives that continued until December, the expected deal was realized in the last month of the year. First, OPEC reached consensus within the union and decided to reduce its daily output by 1.2 million barrels. Then OPEC committed themselves to reducing production by 558,000 barrels a day. Countries will begin production at the beginning of 2017 according to the new quotas and production will continue in the quotas until May. The first important meeting of the year will be the monitoring committee meeting, which will monitor production levels. A meeting is expected to take place in Abu Dhabi on January 20-21. If the countries remain loyal to the production plan, a stable outlook on oil prices can be maintained in the new year.
If we look at the technical side of Brent oil market, the parity may over the 59.00 or 60.00 USD level on the global brent oil market. The levels of 58.00-58.50-59.30 can be followed upwards. In the case of downward pricing, if the support of 56 dollars is broken, 55.50-55.00-54.60 can be seen.
- Date: 11 January 2017 Wed 14:38
- Last Added
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