U.S. took control over the oil market

Baku. 23 February. REPORT.AZ/ American companies producing shale oil, can easily increase production and eliminate hydrocarbon deficit, if the oil price will rise because of production cuts by other countries. Report informs citing the RBC, it was stated by the OPEC secretary general Abdullah al-Badri during a speech at the annual international oil and gas conference in Houston.

He noted that, for any increase in prices shale industry will immediately respond and block all the decline in production.According to al-Badri, OPEC has never had to deal with the source of the oil, which can so quickly respond to changes in prices and volumes to make up missing.This significantly complicates the possibility of a cartel to keep prices fall by reducing production.

Report informs citing the RIA Novosti, according to forecasts of the consulting company Energy Intelligence Group USA in 2016 will increase oil production more than all other countries.Share in the total growth of non-OPEC countries among other countries will amount to 60% or 500 thousand tons daily.Thus, the agreement with US could stabilize the market, where there is an acute surplus of oil.However, under US law, the dialogue with OPEC is not possible, since the country's energy ministry has no legal grounds to influence the level of oil production by private producers.

It should be noted that the US Congress in December lifted the embargo on oil exports, in force since 1975.After this decision, senator from North Dakota Haytkamp Heidi said that she is a supporter of the free market, and the United States will compete with Saudi Arabia, Russia and other producers.

Analytical Group of Report News Agency believes that the rise in oil prices is expected in short-term and will represent only a technical change.In next 1-3 years the price of oil will fluctuate within 20-40 dollars / barrel.Approximation of prices to around 40 USD / barrel of oil will lead to growth in the United States, which will provoke a sharp drop in prices.