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Related News: 7 factors affecting oil prices rates
9/2/2017 0:00
[rtl]BAGHDAD / Imad Emirate
Determine oil prices, forecasting is not easy, it has many of the studies in this area failed because of the difficulty of identifying political factors that shrouded much of the mystery and international agreements of confidentiality, according to the specialist, the factors that control oil prices is a political-economic factors at the time
Himself .
Economic academic Dr. Ali Mahdi Albiermana, said that the most important factors that affect the price of oil is being depleted commodity, so the determining prices differs from the rest of the regular goods , which are defined by the market mechanism and the marginal cost. Reserve size and select Albiermana in an interview for the "morning" that those factors that it is the size of oil reserves , which is an important factor in determining the price of oil, in light of the size of the reserve can determine the extent of the scarcity of crude oil and, in general, increasing the size of proven reserves of oil is an indication of oil stability. He added that the economic growth rate is a deduction in determining the global demand for crude oil rate factor, if expectations for a rise in global economic growth rates, this situation raises the demand for oil , which impacts on increasing the price of oil. Among Albiermana, that spot markets are the most influential in the oil price component, these markets witnessed a remarkable development with the beginning of the seventies of the last century, reaching its contribution to world trade more than 30 percent, and has become a spot prices having an impact in determining the official prices announced by the organization " OPEC , "he said , adding that the strategic stocks of crude oil impact is also in oil prices , global. He noted that US crude inventories are also playing a role in determining crude oil prices on the global level, saying if the US government said rising inventories of crude, it leads to falling prices. According to the American Petroleum Institute, the US crude inventories rose by 14.2 million barrels last week , while also increased gasoline stocks and Aldezl.ozadt crude inventories 14.2 million barrels for the week ending on the third of February to reach 503.6 million barrels , while analysts expected to rise 2.5 million barrels. Albiermana pointed out that the political factor is one of the crucial factors in determining the price of crude oil, this factor is reflected through the economic and political dependency relationship to some of the top producers with the major countries. Years of stability and concluded Albiermana his speech by noting that oil prices have seen remarkable stability for several years of the last century, was fired on those prices at the price administrative, a price determined by the IOCs , which was dubbed the Seven Sisters (Exxon Mobil , American, Dutch Shell, and BP "BP" British, American, Chevron and France 's Total and US ConocoPhillips, Eni and Italian) in order to serve its economic interests and its industrial major. He has characterized those prices to fall and did not exceed two dollars in the best of times, these low prices were the main reason for the founding of the "cartel" by both Iraq and Saudi Arabia, Iran, Kuwait, Venezuela, announced its founding conference in Baghdad in 1960.[/rtl]
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