There is no fundamental factor that would cause oil prices to fall further. In an interview with RT about this issue reported Head of Sales and Customer Support Department at Alfa-Forex Alexander Shneiderman. The expert noted that oil market participants currently believe that OPEC’s actions are having less and less impact on prices, so hydrocarbon costs began to fall after the OPEC+ ministerial committee meeting.
“But it’s unlikely prices will go much lower next week,” Shneiderman said.
He added that prices are affected by the volume of supply, such as restrictions imposed by the United States on tankers carrying Russian oil. At the same time, according to him, the market has already realized these events.
The day before Bloomberg reportedThe price of Russian Ural oil fell below the G7 ceiling of $60 a barrel for the first time since July amid a collapse in world hydrocarbon prices.
The publication states that despite OPEC+’s recent decision to cut production in the first quarter of 2024, Ural prices continue to fall due to the discount on reference grades.
Before recognizedHe said Russia’s revenue from oil sales reached $11.3 billion in October, accounting for 31% of all federal budget revenues and exceeding the pre-sanctions period.
former financier stated about the negative impact of current oil prices on the ruble exchange rate.