oil growth quotations in the last three weeks is largely speculative, Ministry of Economic Development said. Office explains the rise in prices, including expectations to discuss production frozen at a meeting of OPEC in September
The price of oil, which showed growth in the last three weeks, more than 20% and overcome the level of $ 50 per barrel rise in many respects for speculative reasons, according to Ministry of Economic Development (MED) of Russia. This “RIA Novosti” reported the press service of the Ministry. According to the ministry, the growth of quotations mainly linked to expectations of a scheduled meeting in September, OPEC, which will be discussed, including the possible production of freezing.
«This fundamental oil market parameters vary according to the baseline projections. The excess of the proposed oil is reduced, but the process will not be completed until next year. While still very high oil reserves in the world “, – reported the press service of the Ministry of Economic Development
The Economic Development Ministry also said reaction shale oil producers in the growth of quotations, is the sharp increase in the number of drilling in the United States in the past twenty. three months
«$ 45-50 [per barrel] – stable range for the next year or two.”, – concluded the Ministry, stressing that the medium-term forecasts of Ministry of Economic Development based on $ 40 per barrel. The ministry added that the forecast adjusted parameters will be calculated in September.
Last week, August 18, of Brent and WTI futures trades crossed the mark of $ 50.16 and $ 47.41, respectively, showing an increase of more than by 20% since the beginning of August. In the course of trading on August 23 quotes Brent also overcame the level of $ 50 per barrel, at maximum reaching the index of $ 50.14, but then there was a slight rebound. As of 19:30 MSK Brent traded at $ 49.8 per barrel.
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