“Apparently, when created by the damping mechanism, no one even could not imagine the current situation: market prices for the European benchmark Brent fell to 20-year lows, while WTI with delivery in may to sell at negative prices. The industry has already received serious support from the state when it banned the import of cheap gasoline from Europe to protect domestic refineries. If problems arise in themselves of the oil companies, they can count on anti-crisis support, for example, a partial compensation of the damper”, – said Gennady Nikolaev.
now, to make predictions, the expert said, to take the current situation can be quite long: it is necessary to wait for lifting of the quarantine in the country and in all other countries and the recovery in economic activity. The worst month should be April, after which global demand for oil can fall by 29 million barrels per day, after which the market should begin to gradually “come to life”.
Earlier, the oil producers began to sell gasoline below wholesale cost. To cover all the costs they need to sell fuel AI-92 for of 38.07 thousand rubles per ton. But from-for falling of demand for gasoline because of the pandemic coronavirus during the week from 13 to 19 April, the cost has fallen to 35.77 thousand rubles per ton, RBC reports.