This news has weighed on the market. The price of Brent crude has moved lower and has fallen below $ 69 per barrel.
This year, in place of “explosive” growth of oil production against the backdrop of rising prices for “black gold”. About this said in its monthly report the International energy Agency (IEA), reports Investing.com.
Agency experts believe that 2018 will bring high volatility in the global oil market due to geopolitical uncertainty, not least associated with the collapse of the oil industry of Venezuela. But the drop in production in this country more than compensate for USA, Canada and Brazil, increasing production.
The forecast for growth in oil production in countries outside OPEC, the IEA has increased by 100 thousand barrels to 1.7 million barrels per day in 2018. The forecast for growth in US production increased by 240 thousand barrels − up to 1.35 million barrels per day.
“The inexorable growth will lead to the fact that the United States reached a historical high of above 10 million barrels per day, surpassing Saudi Arabia and competing with Russia for first place in the world for 2018, subject to continued restrictions on production on the part of the parties to the transaction OPEC+” govorica in the report.
It is noted that this news has put pressure on the market. At the beginning of the week futures on Brent crude for March delivery was trading above $70 per barrel today, the quotes dropped to the level of week and a half low of $69,36.
At the time of publication of news of oil of this brand is trading at $68,64 per barrel (-0,97%), while February futures on WTI traded at 63,33 (-0,97%).
As reported Корреспондент.netpreviously, the IMF assessed the implications of the shale revolution in the United States, calling it the biggest threat to OPEC attempts to achieve stability in oil prices.
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