Oil production in the world, you must stop immediately to avoid a collapse in the market demand and supply, be sure the consulting company IHS, Markit.
According to sources Bloomberg, three months of oil-producing countries to literally “drown” due to lack of Neftechala and the first will be Russia.
It is noted that Russia has the least amount of available storage compared to the United States and Saudi Arabia.
The offer can exceed demand at 12.4 million barrels per day in the second quarter quarter of the year, and stocks to increase by 1.8 billion barrels.
In these circumstances the reduction of production will be forced by June, experts believe.
On Friday, oil prices continued to show record in 20 years, the fall of Brent crude oil prices has updated the lows since 2003, falling to $from 24,21 per barrel. The price of Russian Urals in Europe fell below $18 per barrel, and in the port of Rotterdam to us $17.7.
Recall the fall in prices accelerated after the energy Minister of Saudi Arabia stated that the Kingdom is discussing with Russia the expansion of the number of participants OPEC+, and is not negotiating to balance the oil market.