Main factors in the reduction of oil prices in 2016-2017
Tuesday, 23 August 2016 11:39
Over the past few days it was virtually at the same time, several events that may affect the price of oil and cause them to fall. Iraq announced an increase in oil production by 5 percent in the nearest time-voiced namerenieuvelichit oil exports from KirkUK to 150 thoUSAnd barrels per day from the northern fields. In the period from 12 to 19 August, the United States appeared 10 new oil rigs, derricks growth continues for two months in a row, as the current price of oil makes drilling in the US profitable. In the Libyan port of Zuetina, as reported by the National Oil Corporation of Libya (National Oil Corp.), began loading oil tankers from storage tanks Zuetina port (where for a long time kept a few million barrels of oil). Most importantly, for the first time in recent years the rebels "Avengers of the Niger Delta" announced the beginning of the ceasefire and the resumption of negotiations with the government of Nigeria after a lot of attacks on gas and oil installations in Nigeria, and Nigeria has the second largest in Africa (after Libya) proven crude oil reserves in the region of the Niger delta, so Nigeria can become the new Libya in terms of oil exports. Thus, in the world markets the supply of oil will be in the near future, much higher than expected, which will not contribute to a further increase in oil prices.