Date: 6 days ago   Category: Economy

Oil becomes cheaper on fears of glut of the market - RIA Novosti, 11/8/2018


Oil derrick. Archival photo
MOSCOW, 8 Nov — RIA Novosti. The world prices for oil fall on Thursday evening on fears in glut of the market against the background of the growing production in the USA, Saudi Arabia and Russia, data of the auction and comments of experts.© of AP Photo/Hasan Jamali Bloody oil demonstrate. As the black market black золотаПо to a state works at 20:14 Moscow time the cost of January futures for the North Sea oil mixture of the Brent brand decreased by 1,18%, up to 71,22 dollars for barrel. The price of December futures for WTI crude oil decreased by 0,88%, up to 61,13 dollars for barrel. As writes the Market Watch agency, investors are concerned by growth of oil production in Saudi Arabia, Russia and the USA. The countries increased production on the eve of introduction of the American sanctions against Iran to compensate the shortage of the Iranian export after imposition of restrictions on trade with Iran. Additional sanctions of the USA against Iran which have captured oil export have come into force on November 5. At the same time the U.S. Secretary of State Mike Pompeo has reported that Washington provides temporary exceptions of oil sanctions to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.© of the RIA Novosti / Maxims Bogodvid Pereyti in an image bank Qatar, Oman, the countries of South America and the Republic of South Africa have signed the contract on oil" While in recent months all attention has been riveted on sanctions against Iran and reduction of production in Venezuela, that is on risks of too low level of the offer, now the market is more and more concerned about prospects of the excess offer" — gives Market Watch opinion of the analyst of Julius Baer Norbert Ruecker. On Wednesday the Financial Times edition with reference to sources has reported that Russia intends to increase production on 300 thousand barrels a day by the beginning of the next year if Moscow and Riyadh don't agree about production restriction. According to the edition, the Russian Federation has increased since May daily oil production by 450 thousand barrels that has led to the fact that the highest indicator on production for all Post-Soviet period — 11,5 million barrels a day has been reached. A day earlier have reported to the Ministry of Energy of the USA that oil production in the country for the last week has grown up to 11,6 million barrels a day.

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