Russia and Saudi Arabia continue to believe that oil prices will soon rise. Current quotes that for about a week solidly on the level of $30 per barrel, not in a hurry to plummet. Moscow jointly with Riyadh “pleased with the signs of growth of demand” for raw materials, and overcrowded tanks, of which the “black gold” begins to Shine on the earth or in the sea, the main world producers of raw materials does not cause concern. However, fresh forecasts of OPEC States that by the end of 2020 short-term contracts for the purchase of fuel — only on a month — on the world markets over the next twelve months will drop in price by more than 40% or will turn into the most unpopular securities.
How much will it cost oil by the end of the year — nobody knows. Some give positive forecasts. According to the founder of middle East telecommunications company Orascom Telecom Holding Naguib Sawiris, the price of a barrel in 1.5 years will rise to $100. However, the NAC follows from the monthly report of OPEC, the United States, along with Russia and Saudi Arabia included in the three main oil producing countries in the world, the production of “black gold” in recent months amounted to almost 1.5 million barrels per day. Moreover, the US recorded the largest decrease in the number of drilling rigs in history, 57%.
About the commitment of Washington, high oil prices and said the statement of the International energy Agency, one of the divisions of the US Department of energy. It argues that average daily domestic production in the US fell by 2.5% to 11.6 million barrels.
the Official ranks of Russia and Saudi Arabia appeared pleased by signs of improving economic and market indicators. According to the statement of Ministry of our country, the greatest optimism is “the growth of oil demand and easing concerns about the limited oil storage facilities, while various countries around the world begin to emerge from the regimes of severe restrictions”.
I’d like to believe in a cheerful mood oil generals of both countries. However, some doubt is the recent OPEC report in which the experts of the cartel downgraded the forecast decline in world oil demand due to pandemic coronavirus. If earlier it was said that the demand for oil by the end of 2020 would decline by about 7 million barrels, now experts of the Alliance are confident that the purchasing power of “black gold” will fall by 9 million “barrels” per day.
“for anybody not a secret that the oil, the level of consumption, deposits, distribution channels, and exchange transactions often lead to foreign policy of both producers and consumers of energy resources. Factors such as the coronavirus, is the additional force majeure, pto prognozirovat the outcome of which is meaningless. In fact, each of the major players in poker is trying to save his side, placing his partners small coin”, — said Nigmatullin.
“Russia in this preference is likely to remain with the nose, because while on the rails non-raw material economy of Russia have not managed to be reconstructed, — the analyst CC “Finam” Sergey Drozdov. — In the West of any economic crisis leads to the collapse of financial corporations. We have the same large business conglomerates, especially public participation, are typically supported by the state. Therefore, you will have to suffer the ordinary consumers and the coronavirus for the population may be only a fleeting toothache, is not comparable to the total cancer”.
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