In early November, the price of oil in the European market slightly increased and kept within a narrow range of 60-62 dollars per barrel.
According to data released by the US Department of energy in August of this year, oil production increased by 5% from the previous month and reached 12,365 million barrels per day. According to the Ministry of energy, the same indicator amounted to 11,304 million barrels. As indicated in the report of OPEC, daily oil production in Saudi Arabia totaled 9,844 barrels. Thus, the US continues to consolidate the position of world leader in the production of "black gold".
Support the cost of oil on the world market had news to reach agreements between the US and China on key issues of the trade.
Saudi Arabia made a statement about increasing the price of its oil to consumers in all regions, and in the Asian markets, which historically are key - the prize will be a record high in 2014.
it is Worth noting that the increase in prices for light crude oil grades is to be expected because with the new year start to operate new requirements of the international Maritime organization of the United Nations for sulfur content in marine fuel to 0.5% to reduce harmful emissions into the atmosphere. Therefore, the processing light crude oil becomes more profitable, in contrast to the heavy grades of oil. We can therefore expect additional discounts to the value of Urals.
Pressure on the price of oil on the world market cause the statistical data on the reduction of the index of business activity in China for October of this year to 49.3 points (49,8 in September). Investors are worried that the decrease in the rate of growth of the largest economy in the world, the demand for oil will also decrease.
I Should add that at the end of the month scheduled meeting of OPEC +. Many experts see no prerequisites for the strengthening of OPEC intentions + for the further reduction of volumes of oil that the slowdown in the world economy can create a surplus of supply of oil on the world market, and as a consequence - the decline in oil prices in the beginning of next year to $ 50 from the current $ 62 per barrel.
