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The world possesses no facilities for storing ..otoqat oil prices fall to $ 20 a barrel

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Rocky


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The world possesses no facilities for storing ..otoqat oil prices fall to $ 20 a barrel




November 22, 2015 0

Experts warned that the world no longer has the storage facilities to receive more oil supplies to flood the market, which has been exhausted from the residual energy stored in tankers anchored in the sea and thus increase the likelihood of a sharp drop in crude oil prices in the coming weeks.

He told Goldman Sachs clients that "increasing the excess oil in the global market combined with a mild winter this year in the dual effect could cause a fall in oil prices to $ 20 a barrel, a limit that forced drilling operations to stop production."

The bank said that "the surplus product in the commodity markets may need to be another 12 months before it is finished, and drew Goldman Sachs to having indicated warning in the Shanghai stock futures in recent days, he said the copper contracts predict weak imminent in heavy and construction industry in China." .

And Goldman Sachs warnings come at a time when the Organization of Petroleum Exporting Countries "OPEC" and Russia compete on the European and Asian markets.

And it took the Saudi oil exports to Poland and Sweden for the first time after it was these two countries are traditional importers of Russian oil.

Iraq sells oil Basra heavy at a low price does not exceed $ 30 a barrel because of the financial crisis experienced by the time fighting a costly war with al-costs "Daash".

It is estimated that 100 million barrels at least now stored in tankers at sea. And anchoring a queue of 39 tanker carrying 28 million barrels outside Gafestun port in Texas and the other Iran 30 million barrels stored in tankers to be sold immediately after the lifting of sanctions.

The Daily Telegraph newspaper quoted Director David Haveton director of petroleum agents section in my group in the mother as saying that "the world is floating in the oil and commercial inventory on the ground reached a record level, and the numbers that we are now facing a frightening figures, Valmkhozon constantly increase two years ago and this is unprecedented, ".

He Haveton "What saved us so far China is buying 200 to 300 000 barrels per day of storage in strategic reserves."

It is not known how long China can continue in storage, but the Chinese authorities want to continue to supplement its stock as long as the prices are low and reserves only cover 50 days of demand, a period far less than the minimum of 90-day limit recommended by the International Energy Agency.

The show and the US Department of Energy figures that "Storage facilities in the United States filled by 70 percent. This means that it is capable in theory to absorb 150 million other barrel, but this energy storage will not be enough if OPEC continued to flood the global market in an attempt to drive out competitors and private companies Extraction of shale oil. "

The strategy resulted in Saudi Arabia and Gulf allies for the drop in oil shale production significantly. And canceled long-term projects around the world, worth about $ 200 billion, and private oil fields in the deep waters of the Arctic Canadian oil sands investment projects.

But that did not have Annie effect on the price level, but hastened shale oil extraction companies to reduce production costs to develop new technologies so that they can revive the production prices are to regain their health.

And Goldman Sachs said that whenever a deep fall in oil prices in the coming months was sharply compared with the subsequent recovery, as happened after the fall in prices in 1986, 1988 and 1998.

OPEC countries and the need to raise prices to finance social welfare networks and military spending.

The big question, he says, an oil analyst Ambrose Evans-Pritchard, is whether the US shale oil will return in a matter of months and regain its share of the market that OPEC is trying to test the market to raise prices. This strategy of confrontation could end in a draw is crucial, as he put it.

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