16.04.2015 - The price of oil may continue to decline after the strong growth
The price of oil today began to correct down after a strong growth of quotations caused by the publication of data on the weaker growth in US oil inventories by 1.3 million barrels compared with an expected 3.5 million barrels. At the same time, OPEC has published a report according to which the oil production in the US and Canada will be reduced by a decline in the number of drilling rigs in the region. At the same time, the volume of oil production in OPEC rose by 810 thousand barrels per day due to increased production in Saudi Arabia, Iraq and Libya. Analysts expect the outcome of the negotiations on Iran's nuclear program, which may increase the country's oil exports to 1.5-1.8 million barrels per day in 2016. We forecast a drop in prices of oil will resume in the near future and we keep the medium-term outlook for oil.