"Next week, the price of oil will fully depend on the expectations and results of the OPEC+ meeting. The meeting was postponed from November 27 to November 30, as there are disagreements between the cartel members regarding the need to reduce production," the analyst said.
In his opinion, Saudi Arabia will insist that other countries that are members of the alliance should reduce the production of raw materials so as not to create a surplus situation on the market next year.
"If OPEC+ makes such a decision, oil may rise to $90 per barrel by the end of the week. If the contradictions between the members of the alliance cannot be resolved, raw materials may go to the area below $80," he said.
Earlier, OPEC published an official statement saying that the meeting of the OPEC+ monitoring committee will be held online on November 30.