(Ecofin Agency) - Norwegian leading investment bank, DNB Markets, has said that the prices of crude oil prices is likely to drop by $10 per barrel, if OPEC and non-OPEC producer refuse to conclude plans to freeze output.

“If they can agree on a production freeze I think we have seen a bottom. If they fail, I think the oil price will drop $10 per barrel again,” Torbjoern Kjus (photo), DNB Markets analyst told Reuters.

North Sea crude traded at $40 per barrel, an increase of nearly 50 % from the drop witnessed in January but still far below an increase of about $115 in mid-2014.

An Iraqi oil official had announced that OPEC and non-OPEC producer plan to meet in Moscow on March 20 to discuss an output freeze but Russia's energy ministry had denied the announcement saying no date or place had been set for a possible meeting.

DNB Markets a week ago, had said that the price of North Sea Brent crude will rise to $45 per barrel in three months and $55 per barrel in six months.

Anita Fatunji