The balance of supply and demand in the oil market is delayed, it will occur approximately in the middle of next year. On Friday, July 29, Minister of energy of Russia Alexander Novak, reports TASS.
“The last negotiations [oil producing countries] was in April, today we have not discussed these issues. The market today has stabilized,” — said Novak after the meeting with the Minister of communications and information technology of Iran, co-Chairman intergovernmental Russian-Iranian Commission Mahmoud Vaezi.
“This year, the oversupply in the oil market persists,” — said the head of Ministry. According to him, the oil price forecast for this year remains in the range of $ 40-50 per barrel.
Earlier on July 29, the price of Brent crude on the ICE futures exchange fell below $ 42 per barrel. According to 15:05 MSK barrel of standard grade was worth 42,65 USD.
July 28, Bank of America Merrill Lynch said that the return of oil price to 35-40 dollars for barrel is possible only in the case of a global recession or a big shock of an event that will lead to a sharp increase of supply on the market.
July 25 Morgan Stanley analysts predicted that oil prices will be stagnant until mid-2017.
