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Forecast: If price of oil drops to 39 USD, decline will accelerate

Russia and Saudi Arabia can increase daily oil production

Baku. 20 April. REPORT.AZ/ If "Brent" crude oil price falls below 39 USD / barrel in world markets a decrease will continue up to 35-36 USD / barrel. Report informs results of the summit in Doha not reflected in oil prices because oil and gas sector workers in Kuwait are in holiday.As a result, oil production in Kuwait decreased by 60.8% up to 1.12 mln barrels / day. Prior to that Kuwait's oil production was 2.81 mln barrels / day. According to the information, holidays are over and production has been restored. Thus, "Brent" crude oil prices fell by 2.1% in the morning to 43 USD/ barrel.

Official statements made by Russia and Saudi Arabia created expectations about increase in supply in the oil market.

After the summit Saudi Arabia said that it can increase production by 1 million barrels / day and during the next 6-9 months by another 1 million. barrels / day. It should be noted that currently Saudi Arabia producing 10.5 million barrels / day. In National Oil and Gas Forum in Moscow Russia's Deputy Energy Minister Kirill Molodtsov said that Russia can increase production by 100 thousand barrels / day to 10,81 million barrels / day. Deputy Minister considers daily oil exports increase by 4.3% up to 5.11 billion barrel / day possible.

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