18 countries, OPEC, and another ten not members of the organization of States led by Russia are struggling to control oil prices, which fell by 20% in the last six months of the current year, and thus dropped to its minimum recorded 20 years ago. The last decade, the price of Brent crude oil hovering near $ 45 per barrel. Since January of last year OPEC countries are trying to reduce oil production by 1.8 million barrels, hoping to extend the agreement until the beginning of 2018. All of these actions are taken in order to reduce the excess supply of fuel on the market. Today it becomes obvious that the efforts of countries aimed at maintaining the level of oil prices around 50 dollars per barrel and above, will not succeed, because today and tomorrow they are still unstable due to price pressures and continuing demand, and in the near future it is not expected that major demand for fuel will fall.
Some OPEC members still propose to cut production that, in their opinion, will contribute to the fall in oil prices. Now this topic is on the agenda, but the question remains: what country will cut production, given the fact that each of them is in need of financial income, and who is going to satisfy the market demand, covering the decline of fuel? It should be noted that OPEC does not have a flexible economy which is able bravely to endure and endure such losses for long months or even years. In addition, the US is increasing the number of drilling rigs, and the cost of drilling each day is reduced. The most important point here is to reduce the level of investment in the development of oil fields, meaning that in the near future will see an increase in prices, but that can be said about shale oil? What is the role of China, much has changed together with its strategy, under which production in the petrochemical industry based on coal? Currently, the fuel market is undergoing significant changes, whether it’s oil or what determines its production — crude oil or gas?!
What is the future for oil prices over the next five years? To give any predictions is very difficult, however, producing countries, oil companies, consumers, analysts suggest, relying on your desires and aspirations that are far beyond objectivity. The most appropriate prediction from all this confusion we can assume that the level of oil prices are far from $ 70 a barrel, as well as $ 60, and barely able to stay stable at $ 50. Pressure on oil will continue for many reasons, but the main point is that in the future, looking on the bright side on this issue, prices for this kind of fuel will be close to around $ 45 per barrel. In addition, we do not know what has prepared for us tomorrow. What if China and India, for example, will begin to develop deposits of shale oil?
