Saudi Arabia has hit the Russian ruble falls oil prices

Experts give very pessimistic predictions about the future situation on the oil market.

Tuesday,
March 14, against the data about growth of fuel production in Saudi Arabia in February prices
oil fell to its lowest level since mid-November last year, according to
“Dialogue UA”.

At 17.50 on
Kiev time on the London stock exchange ICE Futures price per barrel
oil Brent has decreased on 1,11% – to $50,78 a barrel, and at the auction
The new York Mercantile exchange (NYMEX) price of may futures for WTI crude oil on
April has decreased on 1,59% – to $47,63 kick.

Closer to
the end of the day there was a slight rebound in prices: in particular, for one barrel of Brent suggested
$of 51.32,

Is
note that in January, Saudi Arabia raised production by 263 thousand b/d, to
more than 10 million b/S. At the same time, it is known that the level of production of black gold in this
the country is still lower than prescribed in the agreement with other OPEC countries.
That is, the Saudis can increase production obvalivaya depending on the value
oil the national currency (especially the ruble), and this is not a violation
agreement.

“It
a blow to the credibility of Saudi Arabia, and the forecast for oil prices is now quite
pessimistic,” – said the head of the futures division at Mizuho Securities Bob
Yager.

According to the Minister
of oil of Kuwait Essam al-Marzouq, that oil prices are falling because production growth
shale oil in the US, and their prices may again fall to $45 per barrel.

Recall that in
on Monday the price of “black gold” continued to decline after
short-lived price spike.

Earlier
it was reported that only the 8 March the price of oil on the background of increasing production in the United States
fallen by 5% and
continued to fall.

To increase
oil production in America promised
the newly elected President Donald trump.