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Friday, 22 January 16:23 (GMT -05:00)



Stock and commodities markets

OPEC Rejects Possible Oil Production Cut, Experts Predict Further Drop


OPEС members are not going to cut their oil production in the near future despite the declining oil prices triggered mainly by increasing oversupply.  On top of that, Iran is going to reenter the global market of crude oil as a major player, which is definitely going to increase the growing oversupply even faster.

 

 

 

 

This decision was announced by Abdalla Salem el-Badri, Secretary General of OPEC, during his visit to Moscow. He says that OPEC is not going to to cut the overall oil production below 30 million barrels a day as it used to be before. He assumes that the global demand for crude oil is eventually going to start growing later this year as well as next year. With that said, OPEC members see no point in cutting its oil production in the coming months.
 
The Russian Minister of Energy Alexander Novak shares this prediction. On top of that, he says that the global demand for crude oil is going to get higher by 1,5-1,6 million barrels a day in the near future. OPEC and Russia assume that the overall situation in the global oil market is going to get more stable by 2016. At the same time, Abdalla Salem el-Badri supported the decision to cancel the sanctions against Iran.
 
Oil Prices May Drop Down To $35/b
 
In the mean time, some experts assume that the near-term bias will remain clearly bearish, which means oil prices are likely to go further down mainly due to considerable and growing oversupply, especially as Iran is about to add the fuel to the fire by filling the market with its own abundant inventories of crude oil, Masterforex-V Academy reports.
 
Those experts who are bearish on crude oil predict the prices to drop further down to $40 or even $35 per barrel. They see Iran as a major bearish driver. Another factor to support their prediction is the growing amount of oil rigs in the USA, which is still trying to become one a major oil exporter, especially as the cost of shale oil production has dropped down to 30 dollars per barrel.
 
 
 
 

 

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Goldman Sachs is back in the game

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Publication date: 11 March 01:14 AM

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Publication date: 05 March 08:20 AM

Gold Sets New Records

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Publication date: 14 January 01:23 AM

Brent Prices Drop Down To $61/b

The concerns over the global demand for crude oil are getting back to the market again. The current trading week has been a week of discounts. Earlier today, Brent oil saw its price drop down to 61 dollars per barrel. The WTI price dropped all the way down to 56 dollars per barrel. The supply side has got an upper hand.
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Gold Prices Are Getting Stable After Monday's Rally

Last week was rich in the information about various financial markets, which could exert downward pressure on gold prices. Strange as it may seem, the situation in the ore market was relatively calm. Eventually, the week closed in the green zone. Those gains mainly had to do with Friday's gold rally. International traders and investors reacted to the information about another global economic slowdown coupled with the trade war between the United States and China as well as the current situation in the Middle East, and started loading up on gold as a safe-haven asset, which eventually pushed the prices higher. 

Publication date: 24 September 05:15 AM