The price for Brent crude during trading on London’s stock exchange fell by 2.6 per cent to 40.7 per barrel. Texas mark WTI fell by 3.2% to 40,16 dollars per barrel. This is according to the trading platform. Price reduction occurs on a background of growth of industrial stocks of oil in the United States.
On March 17, the newspaper The Wall Street Journal reported that the oversupply in the oil market that caused the collapse of quotations in recent months, it may be the result of statistical errors of the International energy Agency (IEA). Experts interviewed by the publication, I admit that the IEA could attribute data in excess of 800 thousand barrels and incorrect reports of the Agency had impact on the behavior of players.
February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.
