Before Crimean referendum world oil prices jumped

Before Crimean referendum world oil prices jumped

The international oil market reacted to the upcoming referendum in the Crimea by the oil prices increase. Director of the Russian Foundation for national energy security Konstantin Simonov says that the reason was the sale of U.S. oil on the world market.

«Now shale oil production in the United States is growing rapidly. And the cost of these projects is very high, of the order – 70-80 dollars per barrel. If the price is lowered to levels evidencing dollars, investors will start to close these projects because profits will almost disappear. I am therefore convinced that the Americans would not reduce the world price for oil», the expert believes.

Konstantin Simonov also notes that the oil price is always set artificially. Today, because of the events in the Crimea, the US is attempting to configure world against Russia. However, there are no reasons for the oil prices increase. In particular, Saudi Arabia, which, like America, is solving its economic problems, is not interested in the increasing of the price.

International economic Agency raised its forecast for growth in global oil demand by 2014 on 100 thousand barrels per day - up to 92.7 million barrels of 1.4 million barrels per day higher than in 2013.

On the background of the so-called oil global demand increase, the price of the April futures for North sea oil mixture brand Brent Crude Oil increased by 1.18 dollars - up 108,57 dollars per barrel. The price of the April futures on light oil (WTI increased by 0.69 dollars - up 98,89 dollars per barrel.

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