US oil war against Russia will last up to $ 70
The rapid fall in oil prices is not an accident, but a global oil war, suggests The New York Times columnist Thomas Friedman.
According to the expert, the USA and Saudi Arabia are attacking Russia and Iran on the oil field. Friedman does not exclude a chance coincidence of interests, but, in his opinion, "Americans and Saudists are trying to return the period before the collapse of the USSR, to bankrupt rivals, by lowering prices to a minimum."
Saudi Arabia said it could put up with the price of $ 80 per barrel for two years, the United States continues to hold the lead in oil production, but the price below $ 80 will not pay for some of the geological works, the expert notes. He argues that a protracted oil war is not beneficial not only to Iran and Russia.
Yesterday, the price of Brent crude oil broke another anti-record drop on the London Stock Exchange, having fallen below $ 87 a barrel. October 14, oil futures were estimated at $ 86.64 per barrel.The price for oil did not fall below this level for four years.
The fall in oil prices, which began in mid-June, is associated with a sharp increase in production in the United States, a recovery in oil production in Libya and Iran, and a slowdown in economic growth in China. The increase in oil production in America is due to the shale revolution. The cost of shale oil ranges from $ 35 to $ 65 per barrel. It follows that if prices fall below $ 70 in America, problems will arise. So $ 70 is a market restraint that will greatly affect world prices, said Russian opposition politician Boris Nemtsov.