The cost of oil can reach $ 100 per barrel, but it is unlikely that the level will continue for a long time, the director of the Group on Natural Resources and Commodity Products of Fitch Dmitry Marinchenko predicted. Specialist’s statements quotes RIA Novosti.
In mid-October, oil prices reached three-year-old maxima, and Marinichenko believes that growth may continue, including probably a rise in price to a 100-dollar mark. He noted that the physical gas deficit can contribute to this in the event of a cold winter. “But the fundamental reasons for the prices of the long-term horizon remain as high, no,” said Marinchenko.
he added that at present, oil deficiency is noted on the market against the background of the gradual restoration of the demand and care of OPEC + in the issues of production increase. “Another factor is an explosive increase in gas prices, which this winter can lead to an increase in demand about 1 million barrels per day due to the growth of the loading of power plants operating in petroleum products,” the specialist explained. According to Marinichenko, as a result, OPEC + will go to extension of production to balance the market. It also doubts the rapid increase in oil demand, comparable to the pace with the pre-crisis period.
In mid-October, the rise in price of oil to $ 100 per barrel recognized the president of Russia Vladimir Putin. October 15, the Brent oil price exceeded the 2018 values and ranged around 85 dollars per barrel. Against the background of the rise in price of oil in relation to the dollar and the euro, the ruble has strengthened.