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Oil prices continue to rise



EIA forecasts further price-raising in 2016 and 2017 years.



09.Jun.16 3:13 AM
By Vladimir Vasiliev
Photo INNOV.RU

   167

Oil prices continue to rise
In May North Sea Brent crude oil prices have been $5 per barrel higher compared to April and continue to increase. There are some factors to consider: first that oil demand is raising, second that US production falling.

The petroleum consumption in the world have risen 1.4 million barrels per day in 2015. That is more than has been previously estimated. China’s and India’s consumption has got upward revision. Now the expectation is that consumption will reach 1.5 million barrels per day in 2016. Both China and India will continue to increase liquid fuels consumption in 2016 and 2017.

On the other hand is expectation that production outside OPEC is going to dump with most of the declines in the US, 500.000 barrels per day in 2016 and 100.000 barrels per day in 2017.

Though prices are raising nobody expects their prompt recovering since 12- year low in January when North Brent crude price was $31 per barrel



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