February 8, 2021

Oil demand is recovering, prices are close to $ 60 per barrel, and this is likely to lead to a softening of the terms of the OPEC+ deal to reduce production. But if the alliance decides to increase production from April, competition will sharply increase, and this is not only in the OPEC+ countries, writes Rossiyskaya Gazeta. “It will be quite difficult to regain its share in the global oil market for Russia,” says Vasily Tanurkov, director of the corporate ratings group at ACRA. “If current prices remain unchanged, we can expect a fairly rapid recovery in US production.” Amid rising oil prices, the number of operating rigs in the US has been increasing since October, eventually leading to an increase in production. US oil supplies to Europe have almost doubled in three years, and to the Asia-Pacific countries – by 1.5 times. But if the export of oil from the United States to Asia is growing through long-established channels – India, South Korea, Japan, plus China bound by the terms of a trade agreement, then in Europe the geography of supplies is expanding. In 2020, the United States sold it even to Belarus. In addition

 

Source: Turan News Agency

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