Situation of world oil market

Wed 26 August 2015 10:13 GMT | 15:13 Local Time

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"They want to buy oil at the lowest price."

Economic factors and the expected solutions affect the decrease in oil prices. May be said that the political factor is on the sideline.

Oxu.Az reports that the statement came from the head of the Oil Research Center Ilham Shaban, commenting on the latest developments in the oil market.

According to him, on November 25, International Atomic Energy Agency (IAEA) will provide a 90-page report on Iran to P5+1 countries. If the P5+1 countries positively assess the report, that oil prices will inevitably fall:

"After giving this report, Iran will be able to supply the world market 100% from its oil reserves. Naturally, this will reduce the price."

The expert said that usually the oil-importing countries are preparing for the winter season. However, these countries, taking into account the factor of Iran, will take a wait-and-see position:

"They will fluctuate, because they want to buy oil at the lowest possible price."

According to Ilham Shaban, the preparations for the winter season will start from September 2. In connection with this preparation, oil prices could rise above $ 55:

The even minor rise in price of oil, after a day of oil fell to $ 4, experts links with the factor of China:

"The Chinese stock market suddenly collapsed by 9%. China to offset losses, was forced to issue $ 20 bn to the world market. Once it became clear that this measure will not save China's economy, oil prices again fell below $ 44. Yesterday, the London Stock Exchange closed at $ 43," the expert said.

News.Az

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