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Oil Prices have Fallen

15 November 2001 , 05:04387
The prices for petroleum marked Brent have fallen below a mark of 19 dollars for barrel on the international petroleum stock exchange in London. As RIA "News" informs, 3 hours prior to the session end on Wednesday cost of barrel of petroleum for December futures has decreased to a level 18,91 dollars, that its prices are lower 1,9 dollars at closing a stock exchange on Tuesday. For 1,79 dollars - up to a mark in 19,2 dollars the price of one barrel on January futures has fallen. As Bloomberg reports, the price of Russian petroleum Urals on Wednesday at 18:05 Moscow time was 17,58 dollars for barrel, that 1,62 dollars is lower than a level of the final price spot Tuesday. Export petroleum from Russia with delivery in ports of the Western Europe November, 14 on specified time cost 18,08 dollars (-1,62 dollars), petroleum Siberian Light - 18,68 dollars for barrel (-1,62 dollars). Thus, the present situation in the market of so called "black gold"-oil does not meet even pessimistic forecasts counted in the budget of Russia for 2002 (18,5 dollars for barrel). Experts mark, that the prices fall despite of informal decision ОПЕК to reduce extraction of raw material. The matter is that the countries - exporters who are not included in OPEC- Russia, Norway and Mexico - refuse to reduce extraction. It, analysts say, deprives the petroleum market of stability and puts under doubt the opportunity OPEC to supervise this market. We shall remind, Russia has decided to reduce the volumes of extraction of raw material in 4 quarter 2001 and in the beginning of 2002 30 thousand barrels in day that makes only 0,4 % of total amount of deliveries of petroleum on the world market. OPEC asked to reduce a quota by 500 barrels in days.

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