An American agency: 3 people who control the oil markets in the world

An American agency: 3 people who control the oil markets in the world

19/11/2018 - 19:49 Economy / world



The Organization of Petroleum Exporting Countries (OPEC) has lost control of the oil markets, and the process in this vital market of the global economy is determined by three figures.

The leaders of three of the world's top oil producers - Russian Presidents Vladimir Putin and Donald Trump, along with Saudi Crown Prince Prince Salman - will influence the oil price track in 2019 and beyond, the agency said in an analytical article published on Sunday.

As OPEC struggles to unify the ranks, the United States, Russia and Saudi Arabia dominate the world's oil production, with the output of the three countries of black gold exceeding 15 members of the Organization of Petroleum Exporting Countries.

She noted that the United States, Russia and Saudi Arabia are pumping oil at record levels, each of which can increase production in 2019, although it does not prefer this option.

According to Bloomberg data, Russia's production of crude, condensate and liquefied natural gas (LNG) is 12.3 million barrels per day, Saudi Arabia's production is 12.2 million barrels, while US production is 15.2 million barrels daily.

On the impact of these three countries in the oil market, she pointed out that Saudi Arabia, which relies on oil revenues significantly, decided to reduce exports by about 500 thousand barrels per day, next month, with lower prices in the market.

Trump and its criticism of OPEC to cut production have also had a significant impact on prices, with prices dropping every time the US president releases a tweet.

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