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Price of Brent crude oil fell below 38 dollars

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Baku, December 12 AZERTAC

The cost of the January futures of Brent crude oil on the exchange ICE in London on the evening of 11 December fell below 38 dollars per barrel, updating the new minimum since December, 2008.

Last week the Organization of countries-exporters of oil, (OPEC) decided to save the actual crude oil production of about 31.5 million barrels a day. The members of the cartel agreed not to set quotas before its next meeting in June 2016.

Since the beginning of summer 2014 and 2015 oil prices have fallen by more than half, from 115 to 48.5 dollars per barrel Brent. The collapse of prices last year increased the November decision of OPEC to maintain production quotas. This year the prices have not climbed above $ 67, and averaged about 55 dollars. In the period from August to November, the average price was far below $ 48 a barrel. However, forecasts for 2016, also remains pessimistic.

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