Rus News Journal

! Falling of the prices for oil in the world markets

Russia became again a subject of anxiety of the OPEC

Yesterday the prices for oil in the world market once again have gone down, having overcome
psychologically important level in $17 for barrel. Scales of new falling of the prices
are comparable with the level reached after the end of war in Persian gulf.
among the reasons which have affected a situation in the world market, according to western
experts, not last place occupies increase in volumes of export crude
oil from Russia. Certain influence on a price curve thus have rendered
the appeared forecasts concerning prospective volumes of export on

the Price situation in the market of oil after minor improvement in the second
to half of December (see from December, 25th, 1992) with the beginning of year of the beginning
promptly to worsen. For the first time from the moment of the end of war in Persian
a gulf the barrel price brent - mixes at the auctions London international oil
stock exchanges has fallen more low psychologically important level of support in $17 for ton, and
made $16,98 (fig. 1 see). Yesterday has brought to dealers oil still
stronger disappointment: in the morning the barrel of crude oil went already on $16,85.
Like December increase when demonstrations on Red Square and hearings
about movement of armies in Moscow became the reason of change of the prices, new falling not
has done without influence of Russia.
in extended among participants of the conference which have ended yesterday in Dubai
on power the reference of the president of OPEC Aliro Parra (Alirio Parra), except
an appeal to the countries - to participants of oil cartel to observe established in
November of a quota, bewilderment concerning growth of export Russian
was expressed to oil, an event contrary to the general recession in the country. Though to trace difficult
causally - investigatory communications in movement of the prices difficultly enough, coincidence of drop in prices and growth of concern of the western dealers with
messages of representatives of corporation " is represented
important; Rosneftegaz about preliminary
calculations of extraction and export of oil from Russia in 1992. George Topuridze,
the assistant to the president of corporation, has informed in telephone interview REUTER that
export of crude oil for 1992 has made 66,2 million of Russia t, in comparison with
54,1 million t in 1991, and, most likely, remains at 66 million level t and in
to 1993. He has noticed that considerable (more than 22 %) export growth speaks
first of all the permission to manufacturers to sell directly 10 % extracted
oil. However reduction of deliveries of oil to the CIS countries, caused in some
from them an energy crisis, has allowed experts to assume that
the reason of increase in volumes of exported raw materials is reorientation
a stream of oil leaving Russia. And if earlier considerable part of oil
was on sale in republics USSR and the East Europe countries at the prices more low
srednemirovogo level now suppliers prefer to search for sources
hard currency in the West. It is necessary to notice that the cited data about volumes
export (66,2 million) does not include export deliveries in the countries of the former USSR.
last year to Ukraine it has been sent 33,1 million tons of oil, to Belarus
19,7 million t, to Kazakhstan - 11,5 million t (fig. 2 see). Unfortunately,
representatives of the Department of Fuel and Energy of Russia have similar
no data about deliveries in 1991.
Though among the reasons of present falling of the prices by an estimation the western experts
the Russian export takes the third place (after manufacture increase
the countries of the OPEC and extraordinary warm winter in Northern hemisphere), the attention to
Russia is quite clear. Russia currently is the second for volume
oil recovery by the country after Saudi Arabia: daily extraction in Saudi
makes Arabia about 8,5 million barrels, and Russia extracts 7,92 million barrels
in day (395,8 million t in a year). Therefore at reduction of volumes extracted in
Russia oil from 460 million t in 1991 to 395,8 million t in 1992 growth
export deliveries causes not only bewilderment, but also concern
the western dealers oil.