SINGAPORE: Brent crude Tuesday further decreased below $79 a barrel ahead of critical OPEC meeting.
Speculation about OPEC’s response to a drop in global oil prices of almost one-third since late-June intensified after calls from Venezuela to increase cooperation within the cartel as well as with non-members, including top producer Russia.
A special global meeting was being planned “very soon”, Venezuelan President Nicolas Maduro said on Monday, as Russia said the head of state oil giant Rosneft would fly to Vienna on Nov. 25, just two days before OPEC members meets in the city.
“Until we have firm news from OPEC, oil prices can go down further. We don’t expect a sharp rebound in prices unless we get positive news about a production cut,” said Ken Hasegawa, commodity sales manager of Newedge Japan.