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Saturday, 28 November 14:31 (GMT -05:00)

Stock and commodities markets

Saudi Arabia Triggers Drop of Oil Prices

Quotations are dropping at the world market of liquid hydrocarbons. This is caused by certain messages, coming from Riyadh.
On Monday morning the North Sea oil brand with shipment in June has lost almost one percent of its value. The nominal volume of this brand currently costs 38.3 dollars. May agreements on Texan oil are sold at the price, not exceeding 36.3 dollars. Quotations of this brand have dropped by almost 1.2 percent.
The representative of Saudi Arabian ruling house and the country’s Minister of Defense Mohammad bin Salman has stated that the government will freeze recovery of the fossil fuel only when the deal is joined by all of its main exporters, including Iran. The market reaction to such statement was a decline, for its participants have doubts about happy outcome of the meeting of oil exporting countries, which will be held in Qatar. This doubt may have resulted from the principal position of Teheran, which requires regaining its recovery to the level there used to be in the country before implementation of any restricting measures from Western countries.
This presupposes the increase of Irani daily recovery to 4 millions barrels of crude oil. At this point Iranian production is slightly higher than three million barrels. Inter alia, Libya has also refused to join the agreement on freezing production of liquid hydrocarbons on January level. Moreover, its representatives have refused to attend the summit in Doha.
In this connection American agency Bloomberg, referring to “Samsung Futures” analyst HongSungKi, admits that the statement, made by the Saudi Arabian prince, is a signal to those, who are intended to use the agreement on freeze without joining obligations.
Thus, the representative of Saudi Arabian royal family has indicated that his country is getting ready to decline of oil epoch. A special reserve, amounting to two trillion dollars, will be created for this purpose. These means will be used to reduce dependence of national economy from raw material supply to overseas markets.


According to Saudi Arabian prince, only provided that all countries, selling oil at the world market, join the agreement, will Riyadh do the same. However, if any country decides to accumulate its own recovery, Saudi Arabia will refuse from its initial intentions. Saudi Arabians are known to be afraid of losing their marketing outlets, so they try to attract buyers by various discounts and other preferences.


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