The world oil prices, which had been on the decline last week, plunged to a record low for the last 17 months on September 24. Prices plunged by almost nine percent. Most analysts say that the fall was caused by expectations of an economic recession in the United States.
The world oil prices, which had been on the decline last week, plunged to a record low for the last 17 months on September 24. Prices plunged by almost nine percent. Most analysts say that the fall was caused by expectations of an economic recession in the United States. The fears of recession are so great that the market is working out possible options in advance, John van Shike from the Energy Intelligence Group said.
The Vedomosti newspaper suggests that Russian oil companies reduce their exports under these circumstances. However, they are unlikely to follow this advice. "We will go on exporting maximum amounts. Domestic oil prices are still twice as low as world prices. We will have to think about reducing exports only if the world prices drop to as low as 10 dollars per barrel," the vice-president of one of the leading Russian oil exporters said.
Neftegaz.ru
