Oil operates on low after OPEC agreement

The price of a barrel of oil hasn't been there very attractive. In the first week after the agreement between OPEC members and producer countries for extension for another nine months of cutting world oil production, the feeling skeptical about the possible elevation of the commodity did the value of a barrel of "black gold" have an abrupt fall.

To aggravate the situation, to Libya, as well as Nigeria and the United States, countries that produce oil shale, unconventional, increased the pace of extraction, worrying producers and investors leaders of global oil and gas market. The sum of factors, which began after the meeting of the Organization, made the oil price lower than $1 dollar a barrel. Number, to lay eyes looks small, but added it could be a big problem for the market.

Libya's oil production should increase to 800,000 bpd this week and, probably, will increase the country's exports, raising the volume of global reserves. Meanwhile, OPEC members and other producers, including Russia, agreed to extend the agreement to reduce production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018.

So far, though high in value of oil in recent times, the effect was still little agreement on global stocks. We now wait for the progress of the recovery of the commodity for the next few weeks. Keep watching the Panorama Offshore and get information about the market of oil, gas, energy, gasoline, fuels, Petrobras, onshore and offshore. Visit the portal of Offshore Panorama and remember: your business. Check out: www.panoramaoffshore.com.br www.facebook.com/panoramaoffshore.

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