Russia hopes to raise oil prices to 45-50 dollars. per barrel – Gazeta Wyborcza

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Russia hopes for an agreement on oil producing countries to freeze the level of its production, which raises the price of the raw material to 45-50 dollars. a barrel - writes Reuters on Wednesday, citing Russian sources involved in the negotiations on this issue.

 
 
 
 
 
 
 
 
 
 
 
 
 
                          
 

                 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

         

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According to Reuters callers such price would be enough "to balance the global oil market."

The final agreement between the producers, which will raise the price of oil will probably be concluded on April 17 in Doha, capital of Qatar. Preliminary findings on this matter concluded four countries: Russia, Saudi Arabia, Qatar and Venezuela.

Russia tries to lead to a broad consensus of both countries belonging to OPEC and outside the cartel, such as Azerbaijan and Kazakhstan.

According to sources, Reuters conducted are now talking about this "on how long to freeze the production of oil and how it can be monitored (implementation) agreement."

It will be probably concluded without the participation of Iran; Russia shares the view of Tehran, that it should be exempted from the requirement to freeze the level of oil production, as the country rebuilds its position on the oil market after years of embargo on Iranian material. Iran intends to significantly increase the production and export of raw materials. According to the interlocutors Reuters other countries agree to such an exception.

In mid-February fell a joint declaration Russia, Saudi Arabia, Qatar and Venezuela, these countries when it announced a freeze on oil production level in January. As the clock turned out, this plan will be implemented only when a similar decision to take the other manufacturers. On Wednesday, sources Reuters reported that despite the agreements Russia does not intend to postpone the implementation of new mining projects.

For the last 20 months due to the crisis of oversupply, the price of oil steadily decreased, sometimes even going down to unquoted more than 10-year low below $ 30 per barrel. As noted by Reuters, for some producers - such as Russia and Venezuela - oil prices below $ 40 a very serious risk to the country's finances.

At the end of February, the rating agency Standard & amp; Poor's lowered the forecast of economic development of Russia in 2016. GDP is expected to fall by 1.3 per cent., Although earlier it was expected that the economy could bounce after a decline last year (a decrease of 3.7 per cent.), And will increase by 0.3 percent. Also, Fitch expects the current year decline in Russia's GDP by 1.5 percent. Moody's - by 2.5 percent.

Experts believe that there is little prospect of that, in Doha contained a solid understanding of many countries to reduce oil production, or permanent increases in raw material prices. Fundamental assessment of the oil market does not give any grounds to believe that the coming rise in oil prices, and the agreement of producer countries can be very soft and ad hoc pact.

         

         

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