ECONOMY
OIL PRICES ABOVE $65
Baku, 29 May (AZERTAC). Oil exporting countries` organization (OPEC) will not reduce oil production until September current year. Despite decision the Cartel has adopted yesterday, the oil price did not decline. On the contrary, the oil prices went above $65 in the world stock exchanges.
According to the OPEC ministers, in such tendency the rise in prices will probably reach $75-80 at the end of year. Some confirm that decrease in production may deepen the economic crisis. In any way, the Cartel`s decision is in effect until September 9. In case of failure of prices to reach the proposed extent, the volume of production can be reduced.
Currently, the exchange sale is reviving and oil prices have reached a high record in the latest 6 months. In the New York Stock Exchange a barrel of Light oil was sold at $65, 8.
In London Stock Exchange, Brent crude oil was sold at $64,39, while the Azeri Light crude cost $65,75.
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