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Company / Policy

Oil cracked

Full tape of POLIT.RU 14.11.2018 at 11:25

Full tape POLIT.RU

Energy Minister Alexander Novak, commenting on the sharp fall in oil prices Brent crude below $65 per barrel, which occurred yesterday, 13 November, said that any strongly respond to the "baseline fluctuations" of the market will be "not quite right".

According to the Minister, currently the oil market "quite volatile", since more recently, the hydrocarbons grow as active. Novak noted that we need to look at average prices for the year, which are about $70 per barrel.

Alexander Novak / AGN "Moscow" / photo: Kirill Zykov

"Now the price goes down. Need in the longer term to see how stable the price is, because respond harshly to any underlying fluctuations, perhaps market participants are not quite right," — "Interfax" his words.

the Minister of economic development Maxim Oreshkin, in turn, said that, despite fluctuations, adding "nervousness of the markets" in General the situation is more stable compared with 2014. "Our goal in the last few years was to create a macroeconomic structure that would be resilient to external shocks. Oil prices fell by 25%, and the situation remains stable," he explained.

let's Remind, on Tuesday, November 13, crude oil prices fell nearly 7% on $4,65, trades January futures for Brent closed at $65,47 per barrel. December futures of the American crude oil WTI fell to $4,24 $55,69 per barrel.

Saudi Arabia. Exchange / YouTube.com

the Incident on Tuesday, the decline is impressive, but it was not a surprise. in Early October, the price of oil reached $ 86 per barrel, some analysts have predicted a price increase to $ 100. However, instead of growth began to decline, since oil has fallen by about a quarter.

Characteristically, the oil continued to become cheaper. However, not that quickly, we are talking about tens of cents per barrel.

it is Interesting that against this background, the ruble even strengthened slightly. In early trading on Wednesday, the dollar fell by 30 cents, and Euro 45 cents.

the most Interesting, as analysts (including those who had predicted the rise in oil prices to $ 100 in the short term) explain the decline in energy prices.

AZS / flickr.com

first, in November, the United States fully restored sanctions against Iran taken by the Obama administration in 2015. Initially it was stated that the purpose of the new sanctions reduce oil exports from Iran to zero, but in the end, exceptions were made: eight countries (including such large consumers as South Korea, Japan and India) "allowed" to buy Iranian oil in six months.

secondly, in October, OPEC and the International energy Agency said that oil demand will grow slower than previously announced forecasts due to the slowdown in global economic growth.

the government of Saudi Arabia has already offered to cut oil production within OPEC or OPEC, but the US President Donald trump has warned the Organization of countries-exporters of oil from production cuts, saying oil prices should be lower.

Donald trump / flickr.com

as a result of speculators, including the largest hedge fody, sharply reduced bets on rising oil prices, their number was the lowest since August 2017 — and this is, in turn, became a technical reason for falling prices.

But while oil prices drop dramatically, gasoline in Russia, apparently, will not be cheaper. In any case, the prerequisites for this did not see Deputy Prime Minister Dmitry Kozak. "Oil is not cheaper to the extent", — he said on air of the channel "Russia 24" and added that the reduction in fuel prices will happen if it significantly oversaturated domestic market.