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16.06.2014 15:40

Oil: an overview of the market situation

Prices for WTI crude oil rose slightly, while the price of Brent crude oil fell moderately, due to the escalation in Iraq and concerns about possible violations of oil exports from the second largest producer in OPEC.

Iraq conflict, according to analysts, creates the risk of another spike in oil prices. The goal now is to create a rebel Islamic state on the border with Syria, where there is significant oil reserves. So far it can go only about the risk of missed deadlines shipment. However, the escalation of violence in the country in case of conflict from spreading further south could endanger oil supplies. A similar situation exists in the countries of the Organization for difficult - while oil exporters, which are struggling to keep the rate of production of 30 million barrels per day due to a significant reduction in production in Libya. Iraq ranks second in terms of production by OPEC, is actually on the verge of civil war, increasing the geopolitical premium in oil prices. Iraqi factor does not look short-term phenomenon, but rather is designed for long-term, analysts say.

According to the International Energy Agency, OPEC will have to raise daily production by one million barrels in the second half to balance the oil market, which is expected seasonal increase in demand.

Meanwhile, we add that the data showed that U.S. oil production have increased to record levels in 44 years. Note that production fell almost four decades. In fact, to change the situation, it only took five years. According to the averaged data in America last month produced 11.27 million barrels of oil and condensate per day. Figure is close to the average production in 1970 of 11.3 million barrels, which was the maximum for the United States. Statistics last seven days, says that the present results have surpassed the previous record.

Cost of the August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 106.30 per barrel on the New York Mercantile Exchange (NYMEX).

August futures price for North Sea Brent crude oil mixture fell $ 0.45 to $ 113.00 a barrel on the London exchange ICE Futures Europe.

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