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The crisis with the stranded container ship Ever Given is not a case of withdrawing quantities of oil from the market, as the quantities around the Suez Canal will reach their destination. The market was just looking for ways to stay higher for a while.
Svetoslav Benchev from the Bulgarian Oil and Gas Association commented on this to BNR. According to him, the real price of a barrel is below 60 dollars.
Benchev predicts that things will soon return to normal and suggested that other factors are currently affecting the crude oil market:
“Leading the pandemic, as well as the vaccination process, to which the market reacts optimistically. A second factor is what will happen between the OPEC and OPEC + countries. They surprised the markets a month ago when they kept the quotas. I do not know if this continued in the next months because the US shale probes are lurking. Less than 200 are currently in operation, and I think they can easily reach values of 600-650 probes. And there is currently a free monetary resource that can be used by them. “
According to him, this will be the most interesting factor that will affect the market in the coming months.
According to him, if there is a 14-day downward trend in oil prices, it will affect fuel prices in Bulgaria. Benchev pointed out that our country has the best fuel prices in the EU – both with taxes and without.
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