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Main » 2016 » February » 18 » Oil: Why the decision to freeze the production is not enough for a rise in prices?
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Oil: Why the decision to freeze the production is not enough for a rise in prices?
 
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If you are expecting that after the agreement in Saudi Arabia, Russia and some other major oil producers, the price of energy will increase, hold the horses.

 

 

Recall, on Tuesday, oil ministers of Saudi Arabia and Russia have agreed to maintain production at the level of January up until the other large producers do not follow suit (read more).


Participants of the talks called the agreement a major step towards solving the problem of excess raw materials on world markets, however, the decision did not please the manufacturer markets.


Demonstrating growth immediately after the announcement, by the end of the day the cost of US oil futures fell below $ 30 per barrel.


That's because in January, Russia's oil production and Saudi Arabia reached record levels. If countries continue to source raw materials at the same pace, the situation on the world market only worse.


According to the International Energy Agency, in the first half of 2016 the excess oil will be 1.5 million barrels per day. 
In order to ease the pressure on prices, global manufacturers have cut production, not freeze it.

 

A source 

 

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