Oil fell sharply on Thursday evening and now

Oil fell sharply on Thursday evening, and now timidly tries to recover

Yesterday, oil quotes
much fallen on the forecasts in anticipation of the meeting
OPEC, which should decide to keep
current oil production quotas or not.
Following the auction on Thursday, the futures price
Brent crude oil with
July delivery fell to $ 62.12
per barrel, WTI – up
$ 58.00 per barrel. Today, the price in the morning
a little rose – Brent reached
to $ 62.26
a barrel and WTI – up
$ 58.13.

Recall that today
It will be the first for this year’s summit
OPEC. If the cartel confirms the existing
quota for oil production at 30 million
barrels per day (or even lift
it), it will push oil prices down
and bad for the oil producing currencies
countries. In particular, such a decision can
an extremely negative impact on the course
Russian ruble.

“OPEC sticks
strategy for gaining market share,
therefore, reduce the quota for the production of the cartel
not profitable – says Ekaterina Krylova,
PSB analyst. – To end
year we expect oil price
$ 61 per barrel, and the short-term
– $ 62-65 a barrel. There is,
however, the risk that the price will fall below. “

As experts estimate,
OPEC is already producing more than 31 million
barrels of oil per day, which is
the highest since the end of 2012. plus another
Complicating the situation is Iran, which is not
first time declares that he is ready
regain market share and again
become an active exporter of OPEC. Minister
Oil Bijan Namdar Zanganeh country
said that Iran, after the lifting of sanctions
rapidly regain its strength and
enhance production at 1 million barrels per day
(Now – 2.8 million barrels per day).

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