23.03.2015 - Saudi Arabia produces 10 million barrels of oil per day
Minister of the oil industry in Saudi Arabia said that currently the volume of production of the kingdom is 10 million barrels of oil per day. It is worth noting that in the second half of last year, the average production volume was 9.7 million. The oil market continues to be under the pressure of oversupply, as well as reducing the storage capacity of oil in the United States and China, which could lead to a sharp drop in prices of oil in the coming months. The growth of production and inventories in the United States are the main risks for the price of oil Light Sweet crude oil. We expect a further drop in prices with the target at 40 dollars per barrel and recommend holding short positions.