Oil refinery in Saudi Arabia
The OPEC does nothing against the rapid oil price decline, thus exacerbating the financial problems of Russia. Saudi Arabia blocked on Thursday at the meeting of the oil cartel in Vienna demanded by poorer members such as Venezuela and Iran throttling of the promotion. Russia, which buys around 40 percent of its government revenues from oil exports go through the falling price of oil that they know up to $ 100 billion lost annually.
The decision to use a consistent production marks a turnaround over the previous OPEC strategy to combat falling prices by reducing supply. Instead wants Saudi Arabia apparently depress prices for a long time, so the – to weaken shale oil production in the United States – which has now become a serious competitor. The OPEC decision pushed the price of North Sea Brent crude by six percent in the depth of about 73 dollars.
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Since June, oil prices have declined mainly because of the economic slowdown in Europe and China by about one third. The Organization of Petroleum Exporting Countries (OPEC) will hold its next meeting in June thus signaling to schedule no special meeting. In addition, in its statement was also not mention that members should stop overproduction. “We interpret this to mean that Saudi Arabia believes that oil prices will have to fall further in the short term,” said Olivier Jakob explained by the consultancy firm Petro matrix. “In other words, it should be in the interest of OPEC, for a time to live with lower prices to slow down development projects in the USA.”
The United States deal out with the help of the controversial fracking technology oil shale and open up with this method, new deposits. This is another cause of global crude oil glut. However, even in America the falling price of oil could be sooner or later the problem, because the shale oil production is costly.
The most important supply country outside OPEC is likely to be one of the main victims of the current strategy of the oil cartel, the addition of Western sanctions stricken Russia. In the Russian budget for 2014, the Moscow government expects an average price of 104 dollars per barrel. This assumption is now final waste, which is why the ruble fell in response to the OPEC decision to a record low.
The Russian oil company Rosneft does not exclude a further partial collapse of oil prices by about 20 percent to below $ 60 a barrel. Such a fall in prices is possible, but probably only towards the end of the first half of 2015 Rosneft CEO Igor Sechin said the newspaper “Die Presse” from Austria.
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In Moscow, given the development in the oil markets long been talk of a plot – especially Saudi Arabia is a key ally of the United States. Even “New York Times” columnist Thomas Friedman recently announced to consider: “Am I imagining it, or we are dealing with a global oil war with the United States and Saudi Arabia on the one hand and Russia and Iran on the other? “
Iran has the two enemies America and Saudi Arabia also accused of conspiratorial collusion to ruin its economy. America’s Secretary of State John Kerry fueled the speculation in addition. When asked during a visit to the Saudi capital Riyadh in September according to the importance of the oil price for the Russian budget, he smiled and said: “The Saudis are aware of their ability to determine the prices on the world oil market, very, very well aware. “
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Following the OPEC meeting of the dispute within the cartel on the faces of the participants was read. Venezuela’s Foreign Minister Rafael Ramirez was visibly upset and refused any comment. In contrast, the Saudi Oil Minister Ali al-Naimi cheered with a big smile: “That was a great decision.”
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