Today, with the opening of the trading day decline in oil prices of Brent resumed.
During the meeting in Doha (Qatar), representatives of the largest oil producing countries Saudi Arabia, Qatar, Venezuela and Russia expressed their joint intention to freeze the level of oil production, if an agreement to join Iran and Iraq.
On Thursday, the US Department of Energy reported an increase in crude oil inventories last week to 2.147 million, to 504.1 million barrels for the first time exceeded the level of 500 million since 1930.
At the same time with the highs reached in June 2014, the oil price has fallen by more than 70%.
Spot price for Brent crude fell yesterday to a mark of 34.00 dollars per barrel.
Against the backdrop of falling oil prices reduced the incomes of oil companies who are forced to cut investment and lay off employees, and revenue in the budget of oil-producing states. Saudi Arabia, for example, suffers a record budget deficit, approaching the level of 15% of GDP.
However, the reluctance to cede market share leads to the capacity of oil production, increasing the imbalance between supply and demand in the world oil market.
On the other hand, the slowdown in the world's second largest economy, China, leading to a reduction in oil consumption. The global economy is also facing difficulties. Thus, the Organization for Economic Cooperation and Development (OECD) lowered its forecast for global GDP growth to 3% in 2016.
The slowdown in inflation, reduction involved production capacity, the slowdown in wage growth, the decline in domestic consumption of the population, the forced reduction of workers in certain sectors of the economy, primarily related to the exploration and production of natural resources - this is an incomplete list of problems, which is on the agenda of most governments countries with the world's largest economies.
Against the background of the growing instability in global financial markets, as well as increasing the volume of oil production in the world, the price of oil will be exposed to risks of further decline. And the imbalance between supply and demand for oil in the world market will increase.
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