In the near future world prices could go up to $52.50 or even $54.50 per barrel, but this cannot significantly change the current negative forecasts of the future dynamics of the oil market, Olen Hansen, chief of Saxo Bank company’s Department for Strategies at the Commodity Market, told RIA Novosti.
Hansen has also mentioned the OPEC report released on January 15, 2015, in which it expects reduction of demand in oil of OPEC member-states during a year and continuation of cheapening of oil with reduction of growth of supply by the US.
“Reduction of demand in OPEC oil with preservation of the current volume of production limits the ascending potential of the price dynamics. It is a risky strategy to stake at reduction of oil production in the US. It is also contrary to the current indexes, because the volume of production in the US has reached a new record since 1983. Today Merrill Lynch reduced the forecast for the end of quarter 1,2014 to $31.00 per barrel of Brent oil. Such a sharp reduction is likely, if volume of supply at the market does not go down,” expert said.
