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Brent crude oil price goes up above $78 per barrel

The International Energy Agency forecasts that oil prices may fall below current rates because the oil market is entering a lower demand period

© EPA/StatoilHydro/Oyvind Hagen/HO

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Oil price in New York down to $74.3

PARIS, November 14. /TASS/. The Brent crude oil price went up above $78 a barrel, according to the ICE trading system’s data on Friday.

Meanwhile, as of 10.05am Moscow time (07.05am GMT), the price has dropped below $77 a barrel. Since June, the Brent oil price has plunged around 30%.

The International Energy Agency (IEA) forecasts that oil prices may fall below current rates because the oil market is entering a lower demand period, TASS reported earlier. According to the EIA forecast, oil consumption in the first quarter of 2015 will shrink by 1% to 92.6 million barrels a day. Meanwhile, the IEA noted that the current situation intensifies pressure on the Organization of the Petroleum Exporting Countries (OPEC), because this will become more difficult for the organization to give up reducing production quotas.

Meanwhile, the US Energy Information Administration (EIA) has slashed its Brent crude estimate for 2015 to $83.42 from $101.67, citing an increase in oil production in the US and rising crude oil supplies from Saudi Arabia. The EIA has cut its forecast for global oil consumption this year to 91.38 million barrels per day.

The cuts in forecast on global demand for oil come amid speculations on the threat of “price war” in OPEC, which accounts for about 40% of global oil supplies.

The market is shrinking and oil suppliers start fighting with each other for the share in global sales, analysts say.

The OPEC ministers are due to hold a meeting in Vienna on November 27 which may discuss output quota cuts to halt a fall in world oil prices. However, OPEC member states have no unanimous opinion on the need for output cuts.

Since October, Saudi Arabia has been decreasing prices on Asian contracts. Amid the reports, Venezuelan Foreign Minister Rafael Ramirez announced that the country has drafted proposals to prevent the further fall in oil prices and will offer OPEC to discuss them. Iran has also repeatedly supported reducing oil supplies.

OPEC Secretary General Abdallah Salem el-Badri said earlier this month no sharp drop in oil prices is expected, stressing that “this situation of low prices cannot continue.” He blamed the fall on “speculations” and warned against panicking.

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