In the Bulletin “Oil and gas producing and oil-refining industry: tendencies and forecasts. The results of January-September 2015”, prepared by experts of “RIA Rating”, presents an analysis of General trends for the first 9 months of 2015, assesses the factors that influenced the operation of the industry and provides forecasts to 2016.
MOSCOW, 26 Nov. Rating Agency “RIA Rating” media group “Russia today” presented the Bulletin “Oil and gas producing and oil-refining industry: tendencies and forecasts. The results of January-September 2015”. In the analytical product, developed by experts of “RIA Rating”, presents an analysis of General trends for the first 9 months of 2015, assesses the factors that influenced the operation of the industry and provides forecasts to 2016.
The experts of “RIA Rating” noted that competition in the global oil market worsened as OPEC maintain production above the set quota and production levels in the U.S. remains very high, despite the reduction in rig count. Following the results of 9 months the US and OPEC increased production year-on-year in approximately equal amounts by 1.2 million barrels a day. The surplus of oil on the world market amounted to about 2 million barrels a day. In the short term the situation is unlikely to become less tense.
General Director of Rating Agency “RIA Rating” media group “Russia today” Valery Tretyakov: “it is Expected that the market will be flooded with Iranian oil, of which full exemption from sanctions is expected in the first half of 2016. Iran promises to deliver 500 thousand barrels per day, and six months to double that number. In addition, large reserves already extracted Iranian oil are now in storage and ready at any moment to lead the market. Iran, as a party affected by sanctions, is not going to limit ourselves to any OPEC quota and also not afraid of low prices, since weak during the sanctions the economy of needed financial resources, so Iran will sell its oil at any price”.
Russia in the current environment tries to defend its traditional markets and also increases production and export of oil. The growth rate of oil production and its volume in the first 9 months rose to record levels. The growth of exports of Russian oil occurs both in Europe and in the Asia-Pacific region.
No less tense situation on the European gas market, where competition is becoming stronger due to the falling prices and increasing gas supplies from various sources including from Russia. And although gas production in Russia for 9 months of current year has decreased, according to Rosstat, by 3.1%, but in the third quarter compared to the same period last year it increased by 4.8%. The export of gas from Russia in the third quarter increased by 17.8% due to active injection into the European underground storage. According to experts RIA Rating, overall for the year gas production in Russia will rise by a few tenths of a percent, and exports gas to European countries may increase by more than 7%.
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