According to the head of the energy Ministry of Russia Alexander Novak, the main difficulties related to falling demand for oil is already behind us, now the market is balanced and is in a stable condition. In April, the fall in world oil demand stood at 25 million barrels per day, and in June the figure fell to 10 million barrels.
the focus of the market is now turning to how to behave quotes of the barrel after the OPEC decision+. It is expected that almost the entire volume of the restored production will be in demand in the domestic markets of the countries of the Alliance.
“Markets had expected OPEC transition to the next phase of the agreement. According to most forecasts, a recovery of production should not lead to a fundamental change in the market”, – said the head of the research Department on fuel and energy complex and housing and communal services of the Analytical center under the government of the Russian Federation Alexander Kurdin. He said that the shortage of oil to decline somewhat but will still be present during the second half of the year, and will be significant. However, some correction down is possible, said Kurdin.
However, given that OPEC’s decision+ was expected, we can say that the correction has already occurred. According to the head of the national energy security Fund Konstantin Simonov, the market reaction to partial increase in OPEC production was just not as noticeable due to the falling dollar. “The decline of the us currency automatically made oil cheaper,” – said Simonov.
it is not excluded and a more serious drop in prices per barrel, even below $ 40, but experts agree that this can only happen in the short term.
For our country’s increasing oil production will have a number of positive aspects. “In the Russian economy will be able to slightly improve the situation in the industrial production because the production decline is quite noticeable impact on its dynamics, taking into account the activities of related industries,” – said Alexander Kurdin. In addition, he stressed that the restoration of oil production as a whole is on a pre-planned schedule, which means I have the opportunity to plan.
