The price of Brent crude oil fell to $75.6 per barrel

Almaty. November 27. Silkroadnews - The price of Brent crude oil fell to $75.63 per barrel, reaching a four-year minimum, informs KazTAG.
In the course of trading on the Inter Continental Exchange (ICE) in London, the price of oil futures for the next month of delivery ICE Brent Crude Futures dropped to $75.63 (-2.7%) /bbl.
Price drops due to the fears that the representatives of the Petroleum Exporting Countries (OPEC) at a meeting in Vienna on Thursday, will not come to an agreement on the reduction of the production of hydrocarbons in the cartel in order to maintain quotations of "black gold".
As previously reported, on November 26, Saudi Arabia, the largest oil producer in OPEC, made it clear that it would not call on the cartel to cut production at a meeting on Thursday.
On Tuesday, representatives of Saudi Arabia, Russia, Venezuela and Mexico held talks amid falling prices for one-third from June and oversupply of oil on the world market, but were unable to agree on joint action to prevent a further fall in prices.
Oil minister of Saudi Arabia, Ali al-Naimi said on Wednesday that the market must "eventually stabilize itself". Previously, he avoided discussing oil prices and oversupply in the market, saying that "everithing is ok".
Russia, mining 10.5 million barrels per day, or 11% of the world on the eve of the talks hinted at the possibility of reducing production, but at the end of the meeting the head of Rosneft Igor Sechin unexpectedly announced that Russia will not decrease oil producting, even if prices fall to $ 60 per barrel.
According to him, the low prices will cause more damage for producing countries with higher production costs - a clear allusion to the United States, where there is rapidly growing production of shale oil. OPEC has surprised in the readiness of Russia, whose budget is calculated on the price for $100 a barrel.
"The Gulf countries are less worried about falling prices compared with other members of OPEC", - said a source in the organization, adding that if the countries outside OPEC want to support the price cartel, they also need to cut production.
Russian Energy Minister Alexander Novak, also participated in the quadripartite talks on Tuesday. He said on Wednesday that Russian companies will produce about the same amount of oil in 2015, as this year. He expressed doubt that OPEC on Thursday will take a decision to reduce production quotas.
Saudi officials said privately in recent months that the kingdom is having a long period of low oil prices up to $70 per barrel.
"I think that even Saudi Arabia does not know whether it is possible to agree on reducing" - said an analyst at research firm Energy Aspects Virendra Chauhan.
Range forecasts, the decision on oil production is very wide - from its decline by 1 million barrels per day to maintain the current volume.