"There is no economic basis, besides the speculative operations of banks and traders, to increase oil prices," explains Mykhailo Gonchar, the expert on energy. "The reasons that were used to raise oil prices were in the area of rising political risks, artificially exaggerated,  I mean the US sanctions against Iran. Speculators said that if Iran's oil does not enter the world market, then there will be a deficit of oil.

It was an exaggeration. Iran is not Saudi Arabia and not Russia, it does not form the trend on the global oil market. It is possible that at the end of December, when there will be a decline in business activity, oil prices will fall to $ 60 per barrel. I'll explain why. Although the US remains a major importer of oil, they affect the global oil market no less than Russia or Saudi Arabia, which are the largest exporters. In America, the production of shale oil is growing at a fast pace. If within 2000s the US consumed 60% of imported oil, today it is only 15%. Imagine what progress they made in ten years ?! That is, America will be less and less importing oil, and the world market will have an ever larger surplus. This will make it impossible to raise prices. "

Source: SvitUA