Saturday , December 5 2020

Oil: tumble-mills continue to mess up



# Algeria Oil prices continued to decline and reached a historically low level on Tuesday, November 21, 2018. Hopes to slow down global economic growth are not helping things …

As the prices of net hydrocarbon export countries began to fall into their hands, the downward trend in early October was confirmed.

Oil prices are the lowest in ten months. Yesterday, on Tuesday, November 21, 2018, the Brent barrel in London was shut down at $ 62.53 or $ 23.41, down from its highest level of 4 October or 27.4. % less.

This is the lowest course level for almost a year. And the New York Mercantile Exchange (Nymex) closed its lowest level since November 2017 at $ 53.43.

According to some analysts, oil may be too much, especially if the slowdown in global growth is confirmed.

In addition, US sanctions on the United States, which were reported to be very violent at the last moment, were eased. This in part keeps the price of oil in a downward trend. In addition, he added that the world's largest producers, including the US, are beginning to foresee the decline in Iranian production.


>>> READ: Oil: decline continues and endangers producers' accounts


Thus, Russia and Saudi Arabia greatly increased the amount of oil, hoping to sell them when Iran wasn't selling so far. On its own, the US has reached a record level, although strategic reserves are seldom at an equal level. All these factors are likely to keep prices down.

Such price levels are importing in countries such as Morocco, Senegal, Congo Democratic Republic, Côte d'Ivoire, Mali, Ethiopia and Kenya. In contrast to Algeria, Nigeria, Angola, Gabon or Congo, they are depressing their economies further.


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