“The market is reacting to the decision of OPEC + to extend production in March by another 400 thousand barrels per day.
And at the same time, it is obvious to everyone that the countries participating in this deal do not have the full potential to increase production.
Because the backlog from the schedules for increasing production reached about 800 thousand barrels per day on February 1.
And this, of course, increases the deficit in the oil market.
Well, if so, then all other brands begin to grow in price, ”said the economist.
In his opinion, "the situation will normalize further."
“If OPEC makes up for the shortage of its production, and at the same time other producers, primarily the United States, increase, then somewhere by the middle of the year there may be a surplus.
This means that supply will outweigh demand.
Moreover, so far the dynamics of the global economy looks less expressive than last year, and demand forecasts are not increasing much.
Therefore, there is a high probability that a trend reversal will occur in the second half of the year,” Maslennikov believes.
In conclusion, the interlocutor of RT added that for now there will be a fairly high oil volatility.
In his opinion, oil prices "will walk in the corridor from $75-$85, maybe getting close to $90."
As the specialist explained, everything will depend on the formation of a balance of supply and demand.
It became known yesterday that the price of WTI crude oil exceeded $90 per barrel for the first time since October 2014.