He noted that the trend of oil prices especially in NYMEX indicates that the prices will go further down in 2015.
Yousefi added that even though OPEC’s secretary general's remarks on oil prices and the possibility of cutting production by OPEC in its next meeting had a short-lived impact on falling prices, the prices bounced back after a few days and shifted back and forth again.
According to the expert, statements made by Saudi Arabia and Kuwait oil ministers who played down cutting production in next ministerial meeting of OPEC in November have led to plummeting prices in the market.
“The interim agreement between Russia and Ukraine on December 5, Libya supplying more oil, less than expected growth in China and the U.S, ISIL presence in Iraq and less speculation are among the reasons behind falling oil prices”, the IIES expert said.
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