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The world price of oil is now more dependent on Russia than from the US



Will oil prices or global oil market rise or it is a new recession now it's more dependent on Russia.



04.May.17 1:42 AM
By Christina Orlina
Photo Toinnov.com

   439

The world price of oil is now more dependent on Russia than from the US
The expert was of the view that further growth of oil prices holding back at the moment is Russia. This contradicts the position of the absolute majority that believes that the oil market does not give rest to the U.S., increasing shale production, and seeking to develop offshore hydrocarbon deposits. Ki notes that almost all the participants of the Vienna agreement about production cuts have already confirmed their extension and only Russia is wavering.

Yet the global oil market, according to the American analyst, is in oversupply. However, in June, things can change. If the Vienna agreement countries and non-OPEC, will be extended until the end of 2017, on the contrary, a deficit of raw materials. And in some moments, according to preliminary estimates, it will reach 1 million barrels a day.

Oil production in the U.S. is growing at a rapid pace. But the market had expected, including OPEC and the us Department of energy. The energy information administration of the US and the oil cartel saying that the growth of production in shale deposits America is much less than the amount of the reduction in production by the parties to the Vienna deal.
So now everything depends on Russia's position concerning the renewal of the agreements and discharge its current liabilities. Recall that the Russian Federation, through the Ministry of energy Alexander Novak promised to remove from the market the required 300 thousand barrels of daily production by the end of April. Now the oil market froze in anticipation of the fulfillment of this promise.



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