Leontyev: World oil prices will increase soon

The dynamics of oil prices that develop over the past few months cannot reflect the objective trend. This was stated by the Vice President of Public Relations of the Rosneft Corporation Mikhail Leontyev, the Russian News Service reports .

According to Leontiev, the price of oil falls due to political manipulation of Saudi Arabia. In addition, a cheap "stolen" oil of the Islamic state enters the market.

Leontyev admitted that the intake of the US market of a large amount of oil, including from shale fields, is a long -term factor. However, he again repeated that capital investments in the production of shale oil, like shale gas, were much higher than in ordinary deposits. Leontyev also said that Dolbych is shifting to hard -to -reach places, which also increases the cost of prey.

According to Leontiev, a further drop in prices will lead to the fact that such projects will be frozen. As a result, oil deficiency is formed on the market, and prices for it will increase again.

On Friday, oil prices continued a sharp drop in expectations that the volume of oil supplies to the world market is more than sufficient to satisfy reducing demand. November Brent oil futures on the ICE Futures London Exchange on Friday morning decreased by 1.99 percent to $ 88.26 per barrel. At the closure of the market on Thursday, the cost of these contracts was $ 90.05 per barrel. This is the minimum price since December 2010. To date, quoting for oil contracts fell by more than 20 percent from the peak levels of this year.

Earlier, Saudi Arabia announced that she reduced the prices for November oil supplies to Asian countries to a minimum level over six years. Meanwhile, oil production in the United States has increased last week to 8.88 million barrels - the maximum level since March 1986, the data of the Ministry of Energy of the country testify.