14/01/2015
Specialists: close recovery for prices are still far away
China leads the relative improvement in the demand for crude in the international markets
Crudeoil pricescontinued to declinein global marketsamidassurancescontinuallycaseglutin supplyandrising inventorieswhileissuednewassurances from the"OPEC"to maintainthe level of productionin order to protectmarket share.
Theprice ofcrude, "OPEC"basketnewdownas it reachedUS $43.55a barrel on Mondayfor $45.19a barrel on theprevious day.
He saidthe daily reportfor "OPEC"yesterday thatthe basket price, which includes12KhamaMember States,continuedbleeding, althoughpricesbasketballreturned toa dailyloss ofnearlytwo dollars.
She had beenlostsince the beginning ofthe new year, wherenearlyninedollarsrecorded in thelast tradedvaluein 2014to $52a barrel.
Oilprices continuedtofallyesterdaylossesBrentandWTItotheir lowest levelsinnearly six yearsasthe global supplyglutoverwhelmedon Chinesedata showinga recordhighandimportsof China'smajor consumer ofcrude.
The main prices fall by60per cent from thepeakin 2014recordedinJuneandthe lossesexceeded36 per centin the last sevenweeks.
Inyesterdaymorning,Brentcrudefor (February),more than3 per centto $45.84a barrel, recordingits lowest levelsinceMarch2009.
US crudedownto $44.90after fallingto $44.86, the weakestratesince April2009,according to theNew YorkMercantile Exchange,futurescontracts for crudeoiltradeinFebruarytoUS $45.28a barrel,andfell by1.71per cent.
Andhasalreadytradingatthe lowof $45.25a barrelsession.
In other Nymex trading,Brentoilpricefor the month ofMarchincreased by1.25per centtotrade atUS $47.88a barrel,whilethe pointsdifference between theBrentand crudecontractsstandingat $2.6per barrel.
ThebusinessmansaysDr.IzzatIbrahimfor "economic" TheInternational Readingfor the future ofthe oil marketthat the gapbetween supply and demandwill continuefor some timeandwill lead tofurtherlower prices.
Ezzatsaid that "OPEC"moving tooconsciouslyin the market andhad a goodreadfor the future,andreverse thisinvitationEmiratesindependent producersto"berational"andfollow the example ofthe "OPEC"to aspiretothe global oil marketdevelopmentandcopeswithincreasing productiongrowth.
He ruled outa return tothe level ofprices ofthe pre-June2014inthe light of thecurrentconditions ofthe international economy, especially theentryof shaleoilproductionSquarestronglytothe economic downturninmany countries.
For its part,the SingaporeananalystAmritaIngesaidfor "economic" Theoil markethas not yetstabilizedand a candidateforfurther declineincrude oil pricesas a result ofabundantsupplyin exchange forlimited demand.
She stressed the importance ofaccelerating growthprogramsin consumptioncountries, led bythe major industrialized countriesto stimulate demandfromthegrowingto achievea balancewith theoil supply.
Accordingtoeconomic reportsrevealpositive trendsin prices,may beanticipatedduring the current year.
China's importsof crudeincreasedto a record lowinDecember(December)toexceedseven millionbarrels per dayfor the first time, with thesecond largestoil consumerin the worldby exploitingthe lowpricestrategyto increaseits reserves.
Dr.PhilipDepechePresident of the EuropeanInitiative forEnergySaid for "economic" Theconventional energyandrawMiddle Eastwill continue to bean influential factorin the global energymap,butwithouta return tothe high pricesthat werecumbersomebillformany countries.
He added thatthe currentcompetition in theproduction and pricesin generalfor the benefit ofthe marketprovided they do notinterfere in thematteranypolitical factorsand thatiscooperation and coordination amongallprivatepartiesproducers.
Onthe rumors aboutSaudi Arabiadeliberatelycut prices, said, "This islogicalbecause thedeclinenegativelyaffectsallproducersinthe Gulf Statesin particular."
"Itisfor eachnegativeaspectis positive,there is no doubtthat thelow priceswill lead tothe withdrawal ofthe intrudersand vulnerableproducerswho do notbear thelowprices."
