Oil prices to rise after Russia loses some market share

Oil prices to rise after Russia loses some market share

Baku, Azerbaijan, Nov. 18

By Elena Kosolapova – Trend:

Oil prices will greatly increase only after Russia loses some market share, Ukrainian engineer and energy analyst Eugene Puschik said.

"I think that the oil price is mainly connected with the world distribution of the oil flows,” he told Trend by e-mail Nov. 18. “Once Russia loses 10-15 percent share on the oil market, the oil price will increase."

The expert believes that the oil price can reach $100 per barrel by 2020.

“The oil prices are a tool of economic war with Russia,” he added.

"The economic war has the following components: the fall in oil prices, the fall in gas prices, Russia's limited access to international loans, the depletion of foreign exchange reserves of Russia," Puschik said.

He said that supply and demand play a secondary role in the oil price formation.

“The US-Saudi Arabia joint program is to manage the prices on the oil market,” he said.

“In fact, several people, including the US vice president, make a decision on the world oil prices.”

The expert stressed that about 80 percent of the world oil supplies are controlled by the US companies, of which 60 percent – as a "family", which includes the world leading oil corporations as ExxonMobil, Chevron.

He stressed that many other oil companies such as Saudi Aramco, Qatar Petroleum, Petroleum Development Oman and some others work upon the "license" of the US corporations.

The world oil prices began to fall in mid-2014 and decreased from $110 per barrel to below $ 50 a barrel within the six months. As of early 2016, oil prices fell below $ 30 a barrel.

As of November 18, the world oil prices reached $ 46 per barrel.

---

Follow the author on Twitter:@E_Kosolapova

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