Oil prices have resumed rising in London

The London International Petroleum Exchange is witnessing an active rise in oil prices. In the first two hours of trading, the barrel rose in price by 55 cents to $33.60. Analysts cite the immediate reason for the rise in prices as the results of the forum of oil producers and consumers held in Riyadh, at which the OPEC leadership announced its desire to begin reducing oil production in January 2001. This position was developed on the basis of recent research by OPEC analysts, according to which the daily supply of oil on the world market currently exceeds demand by 1.4 million barrels. As a result, there is a rapid increase in crude oil reserves in the storage facilities of industrialized countries, which could cause a sharp drop in oil prices as early as February. At the same time, according to informed sources, the United States has renewed pressure on OPEC countries in order to achieve a confidential agreement to maintain prices within the range of 20-25 dollars per barrel.