Reservoirs for oil are overcrowded and their number in the world is ending. In the near future place may finish even on tankers, which, of course, increases the possibility of lower prices for crude oil, say experts. Goldman Sachs company informed their customers that increase of oil reserves in the world market will be superimposed on a warm winter. Combination of these two effects may reduce the price of oil to $20 per barrel, and thus stop production completely.
Over the last year the price of oil decreased from $110 to almost $40 for US crude and to $44 per benchmark Brent crude oil in Europe. According to the US investment bank, the market may need at least 12 months for the sale of vast oil reserves and further correction of situation. It refers to a crisis situation on the Shanghai Futures Exchange over the past few days. The decrease of copper contracts underlines the weakness of the Chinese economy, which is largely depends on the industry and construction.
Threat to be in this situation has followed after the beginning of the fight between OPEC and Russian companies for a share in Europe and Asia. Poland and Sweden for the first time buys crude oil from Saudi Arabia, which until then had been clients of the Russian Federation. Iraq is speculating low-grade oil Basra heavy on the world market, which costs just $30 per barrel. The country is now experiencing an acute shortage of operating funds and soon will submit a request to the IMF for a large credit loan. "The fall of oil prices - it is a very difficult test for us," - said the prime minister Haider al-Abadi.