Experts do not exclude that the bottom on the global oil market is behind us

Experts do not exclude that the bottom on the global oil market is behind us


NEW YORK, March 8. /Corr. Igor Borisenko/. The chances that the oil price of WTI will fall to $20 per barrel, decreased significantly, and experts do not exclude that the bottom in the global oil market has abated. This opinion was expressed on Monday by news Agency Bloomberg.

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“A lot has changed since that time when the experts of Goldman Sachs a month ago predicted the fall of oil prices to $20 per barrel, – said the Agency. – Some American companies engaged in the extraction of shale oil, gave up the fight after over a year had kept the volume of production, despite the decline in oil prices. Now they say that they will reduce production volume in 2016. In addition, Saudi Arabia, Russia and other major oil-producing countries freeze production and are planning to hold later this month a meeting to discuss further measures to support oil prices”.

“It is possible that the bottom of the crisis we have passed, – quotes Bloomberg the opinion of ed Morse, head of the Department of research of the commodity market in the Bank Citigroup Over time, we will see that the volume of oil production in the U.S. is shrinking”. The same opinion was expressed by Bart Milik, head of Department of operations in the commodities market TD Securities. “Many believe that the worst is over, he said. – We see significant reduction in the volume of oil production in the United States. It is hoped that an agreement will be reached between the countries-members of OPEC.”

According to the office of information U.S. Department of energy, at the end of February the volume of oil production declined for six consecutive weeks and reached remaining 9.08 million barrels a day, the lowest figure since November 2014.

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Oil prices over 40 years

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