Stepped up crude oil prices remained above $ 45 a barrel yesterday, while the balance forecasts for lower US stocks and speculation of a move producers to enhance the prices suggested in front of fears resulting from oversupply in the market, while Goldman Sachs predicted the return of the oil products market balance by 2017, and improved refining margins at the time after landing in the second half of 2016.
The bank raised its forecast for world demand for crude in 2016 from 1.4 to 1.5 million barrels per day, while slightly reducing its forecast for demand for crude in 2017 from 1.3 to 1.2 million barrels per day. Traders said that is expected to total US crude stocks fall by one million barrels in weekly reports to monitor stocks, although the company Zhinskab market information talked about the increase of more than 307 thousand barrels in Cushing terminal for the delivery of US crude in Oklahoma. And increased International benchmark Brent crude futures for October delivery next 13 cents to $ 45.52 a barrel by 1042 GMT,. The crude closed yesterday on the high of $ 1.12. Brent prices have dropped by about 15% last July. And went up the price of WTI US mediator in the September contract rose 21 cents to $ 43.23 a barrel.
And contributed comments from the Organization of Petroleum Exporting Countries «OPEC» in oil gains yesterday. Said Mohammed Bin Saleh Al-Sada, Qatar's Energy Minister and current President of OPEC that the oil market is on its way towards restoring the balance, adding that the slump is temporary. According to sources in OPEC since last June that the new talks to install crude production in the world markets may be held in September, while most of the OPEC members and Russia participate is a member of the organization at a meeting of the International Energy Forum in Algeria. He said Venezuela's oil minister said a meeting between producers inside and outside the organization may take place in the coming weeks, so that everyone sits together to see how it will look in winter scenario. But Russia, the largest oil producer in the world has said it sees no justification for new talks with OPEC, while Iran did not talk about what if would cooperate in any new effort after they had refused to join the initiative discussed earlier this year to install production levels. And it announced the organization of Petroleum Exporting Countries «OPEC» the high price of its basket of crudes of the 14 yesterday to $ 41.10 a barrel, compared with the price of last Friday, which came to $ 40.08 a barrel. It includes basket of crudes new «OPEC», which is a reference in the level of production policy 14 kinds are Murban Emirati ore blend Algerian Sahara and heavy Iranian and Basrah Light and Iraqi crude Kuwait export crude Libyan Seder and Bonny light Nigerian crude maritime Qatari Saudi Arabian light crude and crude Venezuelan Mireille and Girassol Angolan and Gabonese mild spring and Orient Ecuadorian and Indonesian Minas.