The prices for oil at the auctions on Monday has fallen by one third to 31 dollars per barrel.
Analysts Goldman Sachs predict a fall in oil prices to $ 20 per barrel, according to Bloomberg.
According to experts, the forecast for the oil market is now even worse than in November 2014. They noted that falling prices could push oil war between OPEC and Russia.
In turn, Yahoo, citing Goldman Sachs analyst Damien Courvalin writes that the current situation radically changes the Outlook for oil and gas markets. He believes that the producers of cheap oil will increase supply to drive producers with higher costs to reduce production.
As reported, at the opening of trading on 9 March the price of Brent crude oil has fallen by almost a third, up from 31.44 per barrel. Last time this cost of Brent crude oil was in 2004.
This happened after Russia’s withdrawal from the transaction OPEC+. Held on Friday, the negotiations of the countries-participants of the OPEC transaction+ failed because the parties were unable to agree on new parameters of the deal or extend the current agreements.
On the eve of the talks, the media reported that the talks on the verge of collapse because of the unwillingness of Russia to cut production by 1.5 million barrels per day for the participants of the transaction OPEC+. Russia in this case will have about 375 thousand b/d of additional reductions.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128