No decline in oil prices on the world market in conditions when the countries that have the largest reserves in the world — Saudi Arabia and Iran — a claim that will increase production “black gold”, can be caused by a variety of other reasons, says chief economist of “Sberbank CIB” Gavrilenkov. Comments in the “Rosbalt” expert listed them.
First, he said, despite the fact that the leaders of Saudi Arabia and Iran has repeatedly stated that it will increase oil production, specific figures are not called.
“Another point is that the number of small and medium-sized U.S. companies that are developing shale gas deposits, on the verge of bankruptcy, their debts are growing, the volumes of drilling are reduced,” said Gavrilenkov.
In addition, he drew attention to the fact that the relatively fixed now the price of oil could affect the information published in some media, according to which, “the volume of reconnaissance drilling in the world today, the lowest in the last 60 years.”
The analyst also said that the price of energy is determined not only by supply but by demand, but in this part we do not see the factor that could significantly affect this figure. We are talking about what the expectations of a serious reduction in China’s growth rate is not justified.
“Better than in the first quarter of 2016 were the economic indicators in Europe”, — said the expert.
World oil prices relatively stable and supports the decision of the Central Bank of the European Union to buy not only government securities but also securities of corporate clients, including securities of foreign companies, including American, says Gavrilenkov. The ECB intends to buy bonds (credit debt obligations of companies — approx. “Rosbalt”) corporate clients. The set of these different factors determines the current relatively stable price of oil, said the expert.
