Oil prices erased early gains and fall back to levels below US $ 27 a barrel after reports that Iran was ready to support the Kingdom of Saudi Arabia as well as other OPEC members to contain the drop in oil prices. Iranian Oil Minister Bijan Zanganeh said that Iran is ready to expand cooperation with OPEC countries to overcome the current recession. This statement came after the minister indicated his country's reluctance to join in a conversation with OPEC earlier in January, pointing out that the move was politically motivated. In response to this news, we have seen in the January rebound in crude oil prices in part to crumble after that again. Is now being promptly at 9:35 GMT, Brent crude traded at US $ 30.37 a barrel, while the traded West Texas Intermediate crude to drop by 76 points or 2.79% to record level of US $ 26.64 per barrel.
This has spread a state of anxiety about crude oil after the International Energy Agency (IEA) issued a report indicating that the world will keep on huge oil reserves throughout 2016 for lack of demand in addition to the fullness markets abundant supply, and the agency said it ruled out for for a possible meeting between OPEC and non-OPEC members. According to data from the Energy Information Administration increased inventory at Cushing, Oklahoma, the largest oil storage center in the United States by 523 thousand barrels to 64.7 million barrels with an indication that the site has the ability to very production of 73 million barrels. Russia's largest producer Rosneft said it would defend its traditional markets and has expressed doubts about any coordinated action to cut production.
BP "British Petroleum" expects oil prices to remain low for the first six months of this year, and expects surplus production to decline only when Tnmlo storage tanks in the second half. CEO Robert Dudley said in a conference IP Week in London on Wednesday, "a very negative outlook for the first half of the year, and in the second half we expect to fill every tank and a swimming pool in the world oil then will continue all efforts to address this problem. To begin the market balance in the second half of this year. "
Iran will sell heavy crude oil for the month of March to buyers in Asia at discounted prices more than Saudi Arabia, the first in ten years time in an attempt to extract seeking market share after the lifting of international sanctions. National Iranian Oil Company will provide supplies to Asia at a price of US $ 2.60 per barrel less than the average of Oman and Dubai for March. According to data collected by Bloomberg Iran will give buyers an additional discount of 10 cents in the next month. Some of that has been the lifting of international sanctions against it in the last month trying to Iran's fifth-largest producer in the Organization of Petroleum Exporting Countries to regain market share.
