There are three powers that control world oil prices


The Petroleum Change Nations Group (OPEC) has lost control over the world oil market. At this time, all actions, or tweet from the United States President – Donald Trump, the Russian President – Vladimir Putin and Saudi Prince Mohammed Bin Salman – are a fundamental factor in oil prices re- year and later. again But, indeed, everyone has a different reason.

Although OPEC countries struggle to find common land, the United States, Russia and Saudi Arabia have a " impact on global provision. Their total output has over 15 OPEC members. The three countries pump oil at a speed of recording and & # 39; they may continue to increase the product next year. However, it may not be the same for the three.

It has crude oil

Hard raw oil is chilled by 20% in the past six weeks. Photograph: Bloomberg

In June, Saudi Arabia and Russia were the ones who wanted to protect OPEC and other countries of existing production effluent policies since 2017. current registration level. At the same time, an American business broke out suddenly, as the Texas mining company was experiencing the problem of pipe oil transport.

This increase, coupled with a demand for oil is lower and that Trump offers an opportunity for eight countries to be able to; continuing to buy oil from Iran in the second half of the year, has been on & # 39; removing a market from a & # 39; Providing support over just three months. South-west Oil stocks in developed OECD countries, which fall from early in 2017, are now recycling and may probably exceeded the five year average, which showed the International Energy Agency (IEA) data. In just 6 weeks, oil prices lost more than 20%.

When prices go down, Saudi Arabia says it will export 500,000 barrels in the next month. They warned other countries that they would have to reduce one million barrels per day compared to October. The minister did not take care of President Putin, and President Trump was essential.

Salman Bin needs to fund oil revenue Saudi advanced redevelopment plan. The International Monetary Fund is serving the US $ 73.3 barrel the next year to balance its budget. However, raw Brent is still less than $ 10. And Saudi Arabia oil export is also sold at discounted prices. By maintaining the cut cut for the third year, the only way in which it can be saved. draw up price to what he wants.

Despite this, there are challenges facing her; plan from Putin and Trump. The Russian president is not too happy to reduce the product again. The Moscow budget is less dependent on oil prices than in 2016 – when Russia agrees with OPEC countries to reduce the rebalancing of its oil market. Russian oil companies are also looking at & # 39; utilizing the oil fields they put in.

Putin may have decided to sacrifice a little to maintain a good political link with Saudi Saudi. But at this time, no-one can decide that Russia agrees a cut again once long as the countries will meet in Vienna the next month. Mr Putin said he was happy if the cost of oil was around $ 70.

Trump is against Saudi Saudi. Saudi Arabia attempts to hold the political relations of the two countries after the grandfather of the US has been able to; The country was punished strongly because of the war in Yeman and the death of journalist Jamal Khashoggi.

In addition to Trump's tweets, Saudi Arabia is worried about his Texas work. Over the last 12 months, the US companies have expanded the oil work with the total result of Nigeria. The US $ 12 million barrel could be reached in April next year, according to the US Energy Department, which is six months earlier than the previous month's repression.

In a short time, experts say that a soldier needs to deal with a series of challenges to balance the oil oil next year. Mr Putin's disbelief, the challenge of Trump, and the blast in the American oil.

Ha Thu (Bloomberg)

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