05.01.2014 - The growth of oil in the near future is not expected
Quotes of oil continue to decline after the new year. The main reason for this step is oversupply of oil on the market that only within OPEC is almost 2 million barrels per day. Let us recall that OPEC countries supply about 40% of the oil on the market. This year, demand for oil of the cartel is projected at 28.3 million barrels per day, but production quotas remain at around 30.0 million barrels a day. Earlier oil minister of Saudi Arabia announced its readiness to fight for market share and announced its intention to keep the volume of production at current levels, even in the case of reducing the price to $ 20 per barrel. Weak demand for oil in Asia and Europe stimulate a drop in prices. We expect a further fall in oil prices and see no prerequisites for the trend change in the near future.