What factors will affect world oil prices?

Oil&Gas Materials 6 December 2019 15:27 (UTC +04:00)
What factors will affect world oil prices?

BAKU, Azerbaijan, Dec. 6

By Anastasia Savchenko - Trend:

Growth in shale oil production, albeit slower, may affect world oil prices, thus lowering it to below $60 per barrel, Ekaterina Grushevenko, an expert at the Energy Center of Skolkovo Moscow School of Management, told Trend commenting on the possible reduction in oil prices in 2020.

The expert noted that this price is associated with the forecast of a decline in economic growth, mainly due to trade disputes between the US and China.

Failure to comply with the terms of the OPEC+ agreement by some participants may also affect the decline in world oil prices, Grushevenko said.

The expert also emphasized that one of the factors for lowering oil prices next year could be an increase in oil production outside OPEC, particularly in Brazil and Norway.

The average price of Brent crude oil in 2018 amounted to $69.8 per barrel. In October, it reached $85 per barrel, but by the end of the year it dropped to a minimum, almost collapsing below $50 per barrel, but finished the year at $53.8 per barrel.


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