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Oil prices started the week with growth

Цены на нефть начали неделю с роста

Oil prices on Monday morning, 14 March, rose by 0.15 per cent to 40,45 USD per barrel during trading on the London stock exchange ICE. A small rise occurred against the background data on the decrease in the number of wells in the U.S., published by the consulting company Baker Hughes, writes “Interfax” with reference to data of Bloomberg Agency. The number of drilling rigs decreased by six units to 386, the lowest level since 2009.

In addition, according to the forecast of the International energy Agency (IEA), published on 11 March, oil production in countries outside OPEC, in 2016 to fall by 750 thousand barrels per day.

Nevertheless, significantly to rise of Brent crude oil failed due to reports from Iran, which strongly expressed the intention to increase production to four million barrels per day. It’s on a million-plus barrels more than the Islamic Republic made in January. Only after reaching this level Tehran is ready to join negotiations on a freeze of production.

February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.

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