Source Pravda.Ru

Market Expected Russia To Reduce Oil Extraction In Larger Volumes

London experts explain a sharp fall in oil prices on Friday by the fact that the market expected Russia to reduce oil-extraction and export volumes by at least 100,000 barrels a day. The trades currently continue at a dollar below the prices set on contracts for oil deliveries in January-February on the results of Wednesday trades - USD 19.9 and USD 19.83. London City experts suppose that further dynamics of the oil market will depend on OPEC reaction towards the Russian government decision to cut oil-extraction and export volumes. Experts expect the OPEC to make such a statement soon. Moreover, they believe that the statement of Norway specifying the terms and volumes of reduction of oil extraction and exports may also affect market oil prices.