04/12/2014
Specialists: landing in the interests of the consumer and importing countries affect the faint of producers
Oil markets are experiencing a technical rebound the drop in US stocks supports price
Oil experts predicted that crude prices relatively recovery during the next phase after a wave of sales price dropped to the lowest level in five years after the decision of the Organization of petroleum exporting countries (OPEC) production ceiling installation at its last meeting last month. Harry chilingorien analyst said that Paribas in London ' there is a technical rebound of the price decline that we saw before and after the meeting of (OPEC). ', he said ' see some recovery is normal but the downward trend persists and another decline possible. ' these expectations at a time when the cohesion Brent above $ 70 a barrel yesterday to recover a bit from losses earlier in the session amid volatile market's difficulty to put an end to falling prices. The market experienced sharp fluctuations since the Organization of petroleum exporting countries (OPEC) last week that it would maintain the level of production on the market with an abundance of supply. Brent prices and landed us crude more than 30 per cent since June.
US crude recorded $ 67.07 a barrel below its highest level at 67.97 dollars a barrel but remains high, 19 cents from the previous session, which aired its crude more than two dollars. And OPEC basket price recovered and returned to the improvement and elevation after series of regressions of log on 68.13 dollars a barrel compared with 66.44 dollars a barrel in the previous day. And OPEC said in a statement Wednesday that prices in steady decline and did not sink to rise since on 24 November last year which registered a slightly higher $ 75.70 a barrel compared to the previous day and had recorded basketball 75.42 dollars a barrel.
The observers indicates that the basket of 12 Khama to States members of the Organization are still affected by the repercussions of the decision ' OPEC ' not to reduce daily production estimated at 30 million bpd, is the decision of the OSCE Ministerial Council in its meeting in Vienna with the growing supply of crude oil in the world market. Oil prices found support in the American Petroleum Institute that showed a larger-than-expected drop in crude stocks, while the Energy Agency report showed US oil inventories for the week ending Friday 28 November rising stocks by 1.1 million barrels last week, scoring a rise by 1.9 million barrels to total stocks 383.0 million barrels, the highest since June last year. The Agency said in its report last week that shale oil production rose by 91 MBD to total 9.08 million barrels, the highest level since 1983.
Data showed the American Petroleum Institute said US inventories of crude oil declined 6.5 million barrels last week to total 380.0 million barrels. According to the ' economic ' Magdi El-Ashry Economist, the sharp retreats to crude prices since June last year requiring States producing recalculated to deal optimally with these variables. Economic reports indicate that the current prices of oil caused the contraction of the annual revenue for oil-exporting States to 590 billion dollars. Decimal and the downturn will be in the interests of consumer countries, imported under the leadership of the United States, China, Japan and the States must provide economic benefits to producers to offset inconsistent performance of the international economy in order to win each of the parties is not a party to the detriment of another party. The decimal to the decline in oil prices must translate into cheaper products on the market to stimulate markets and international recession that golden opportunity now in Europe and America with the start of the shopping season before the start of the New Year.
James Williams Said, an economist who specializes in Energy Company 'economics', the OPEC decision increases the risk of disorders in the Member States which do not have the financial reserves needed to survive in this price war. And the ' French ' agency on aboulugi auladimage audomisi former banker as saying: ' the lesson for oil producers that rely on raw material to ensure continuity is unwise. ' Iran has now since the introduction of this rule, increasing non-oil exports are derived from petrochemical products section and condensate, gas, while Russia producing country outside OPEC, the oil provides half of budget revenue, and immediately after OPEC decision accelerated the fall in the price of the ruble since the beginning of the year, after losing more than 40 percent of its value against the euro and more than 60 percent of its value against the dollar. And believe Petra koraliova from the Office of the trade next to brokering that with falling oil prices and debts of State-owned Rosneft group of 60 billion dollars, the impact on Russia's economy may be very prolonged and their ability to expand in the world.
James Williams pointed out that this situation is clearly a ' disaster for Venezuela ', because the oil exporters like Venezuela and Nigeria need a price of more than $ 100 a barrel for a balanced national budget. Venezuela announced the most fragile among oil producers since last Friday about cuts in the budget, if Venezuela has the largest oil reserves in the world, the finances in a very bad as dependent on oil revenues, which constitute a source for 96 per cent of the foreign currency in the country. David Rees, an analyst at capital economics that falling oil prices close to Venezuela more than stumble in payment entitlements that the Government does not have the savings achieved under the surge of oil prices over the last decade. And Oliver Jakob, an analyst at betromatrix about the same concerns, adding that Venezuela is the weakest link in the chain and the prospects that the country's civil chaos by 2015 increase. Said Jose Guerra, a former Central Bank in Venezuela that could see more social conflicts because we see in deflation and inflation and cut materials.
The deterioration of oil prices threatens Nigeria, said Peter Ozu-EASON, General Secretary of the Nigeria Labor Congress (NLC) said the Government had taken measures amid the panic, including devaluation of the alnaira (local currency) is a powerful tool used by Venezuela also with national currency Bolivar. Said for the ' economic ' Amrita Singapore analyst Engel expansion ' OPEC ' importance in studies and analyses of the world oil market to cope with fluctuations in the market at the present stage and future. The analyst said SingTel's recent studies confirmed that OPEC oil supply fell 340,000 barrels a day last month, with faltering political stability and restore previous levels of production in Libya, adding that volumes of major Member States in the Organization cut output confirms the focus of those States to protect market share and is a legitimate right and consistent with the objectives of the Organization, while expressing support for OPEC do not resort to cut production unless producers participated in reductions from beyond ' OPEC ' including Russia.
For its part, said economic analyst Bulgarian petya aishiva for the ' economic ', the main features of the developments in the oil market over the past two days, the Central Government in Baghdad had reached an agreement with the Kurdistan Regional Government Iraq export crude oil and revenue sharing. She believed that passing the problems between Kurdistan and Baghdad Iraq will be an important factor in the development of the energy sector, saying the compromise that important development in the field of energy as well as international energy security and that under the agreement will be 300,000 bpd from Kirkuk, 250 thousand Kurdistan across Turkey. Aishiva noted that the agreement despite its importance politically and economically to Iraq but it comes at a time when the market suffers from the flour supply, causing prices to decline further because of more Iraqi crude to the market and to increase margin requirements for trading in us crude futures and the rise of the US dollar against other currencies.
