Price of oil in world market biggest since 2014
Barrel price in the London market rose by 3.3% to USD 69.87, whereas an increase by 4.7% to USD 64.30 took place in the US market. These are the highest prices since the end of 2014.
OPEC and certain producers outside the cartel, including Russia, are trying to balance this out by reducing the production. Their agreement on a decrease of the production by 1.8 million barrels a day will no doubt last until September, maybe even until the end of the current year.
Russian Minister of Energy Alexander Novak said that a decision on this was to be made soon and pointed out that the market surplus was decreasing, but that the supply and the demand remained unbalanced.
Another factor contributing to the price of oil is the growth of the biggest world economies, which should stimulate a stronger demand for “the black gold”.
Furthermore, the production in the USA has dropped by 290,000 a day to 9.5 million barrels, the government data shows. Analysts expected the limit of 10 million barrels to be broken, which would have brought the production closer to the level maintained only by Russia and Saudi Arabia at the moment.
Most Important News
06.04.2024. | Agriculture
Preconditions for Placement of Fresh Blueberries and Dried Plums in Chinese Market Secured
16.04.2024. | News
Jovan Ciric, Leasing Director Retail MPC Properties – MPC Echo symbolizes our desire for good ideas and innovative endeavors to spread freely and bring about positive changes
16.04.2024. | News
10.04.2024. | Finance, IT, Telecommunications, Tourism, Sports, Culture
Creative Industry – What This Serbian Economy Sector Worth EUR 2 Billion Encompasses
10.04.2024. | Finance, IT, Telecommunications, Tourism, Sports, Culture
23.04.2024. | Construction, Transport
Tender for first section of Belgrade-Nis fast railroad from Velika Plana to Paracin announced
23.04.2024. | Construction, Transport
16.04.2024. | News
Economy Fair in Mostar opens – 26 companies from Serbia exhibiting
16.04.2024. | News
22.04.2024. | Transport
City of Belgrade selling garages – Initial price EUR 7,000
22.04.2024. | Transport