Rus News Journal

The prices of the world markets

On an annual banquet the unpleasant surprise

the Price collapse which has occurred at leading international oil stock exchanges on Wednesday, is given on February, 16th oil industry workers, did not become the phenomenon unexpected and exclusive. Still one week ago both analysts, and dealers oil have decided that the winter season in trade in oil is finished and have started to sell short. Rescue the goods from price crash the miracle could only, and it - alas - has not occurred. On Wednesday of the quotation brent - mixes under the March futures nearest to real time have fallen to record-breaking low for five years of a mark - $12,93 for barrel. Brent - the mix with immediate delivery has fallen in price this day to $12,75 for barrel. Total drop in prices for a week on the specified positions has made 53 and 78 cents accordingly. It is remarkable that last week in the market of crude oil the normal parity of the prices of the cash goods and the futures nearest to real time has definitively affirmed: the cash goods are a bit cheaper now. It can testify to some normalisation of a condition of the market as a whole though does not assume obligatory rise in prices in the near future.
the reasons which have caused sharp reduction of prices of crude oil, did not differ novelty. First of all, this warming in the USA and Europe which has lowered demand for energy carriers. Besides, serious pressure upon the market is rendered by expectations of the dealers, doubting that the OPEC countries will take steps on reduction of volume of oil recovery at a planned meeting of oil cartel on March, 25th. The special problem for the exchanging words parties, according to experts, will be represented by a position of Saudi Arabia - the leader of world production of oil. The variant of reduction of extraction on which representatives of Saudi Arabia - uniform decrease by its all participants of the OPEC insist - hardly will suit other participants, especially Iran and Kuwait.
falling of the prices for oil to record-breaking low sizes has coincided on time with carrying out of an annual banquet of the British institute of oil (British Institute of Petroleum) in London on which there were representatives of the OPEC and the West European oil-extracting companies. Participants of a banquet stayed in fatal mood though one of members of delegation of Saudi Arabia has expressed hope that in second half of year of the price can start to rise.
however, yesterday events call such prospect into question. After multimonthly silence Iraq has urged the United Nations to take off again embargo from oil deliveries. The Minister for Foreign Affairs of Iraq Mohammed Said Al - Sahaf (Mohammed Said Al - Sahaf) on yesterday`s performance in Geneva has declared that by the present moment Iraq has fulfilled all requirements of the resolution 687 on curling of arms and consequently it is necessary for country to give the right to oil export.