The expert predicted a sharp jump in oil prices DOHA, Feb 11 - PRIME Russia's voluntary decision to cut oil production by 500,000 barrels per day in March will cause a significant increase in oil prices in the coming days, especially in light of a decrease in the share of oil exports, Nail, an Emirati expert on the world economy, director of regional development at the international bank LanceBank, told RIA Novosti. al-Jawabar.
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Last Friday, Russian Deputy Prime Minister Alexander Novak told reporters about Russia's voluntary decision to cut oil production in March by 500,000 barrels per day. He noted that such a decision would contribute to the restoration of market relations against the backdrop of the introduction by some countries of the price ceiling mechanism for Russian oil and oil products.
"Any change in production volumes by the main oil producers will have an impact on prices and the market, we have already seen a sharp increase in oil prices - up to $ 85 per barrel, despite the fact that before that they had been falling for two days. We should not forget that already Since November, there has been a drop in production of two million barrels, and any reduction in production will affect prices, in particular, the decision of Russia will cause a sharp increase in oil prices in the coming days," the expert said.
According to him, the world is already experiencing an increased demand for energy, which will only increase given the growth in demand from China, which has lifted restrictive measures related to the coronavirus.