Venezuela is the country with the largest oil reserves in the world. Nevertheless, the country is in a deep economic crisis, which is escalating now also politically. What this has to do with the rising price of Oil?
The prices for petrol and Diesel have risen since the beginning of the month, particularly in the last week. An analysis by the automobile club ADAC showed that drivers in Germany have to pay on average for a litre of petrol E10 is currently 1,337 euros for a Liter of Diesel 1,265 euros.
The main reason for the level of inflation, the rise in crude oil prices, as a barrel of Brent currently costs about 66 dollars, or three dollars more than the previous week. And it is here that the crisis in Venezuela plays a role – a little at least, relativized Dora Borbély, commodity expert at Dekabank. For the 2.1 million barrel, which promotes the country, correspond to only about two percent of the world’s Oil production. The cuts of 1.2 million barrels a day, imposed by the Opec and Russia in the autumn, would have a stronger impact on the price: The oil-producing countries had agreed at that time to the fact that in the first half of this year, the balance of supply and demand. That’ll be in April, announced to the saudi Arabian energy Minister now.
Price increase of 30 percent
Saudi Arabia has contributed far more than its allies. So the Saudis have been able to finally convince Nigeria to reduce its support, Russia has now promised to speed up the reduction. Oil prices, however, increased far more than would be appropriate: Since the beginning of the year they are up 30 percent to its current level of 57 dollars per barrel of American Light oil WTI and to $ 66 per barrel of Brent. The middle of the year, you are likely to stabilise at 60 or 65 dollars, believes Borbély.
Protests against the policies of President Nicolas Maduro here in February in the town of Mariara
The fuel prices but would not have participated in this strong growth, says Alexander von Gersdorff, a spokesman for the petroleum industry Association. In the meantime, they had risen to 1.35 Euro per Liter Super. However, currently they are on the same level as the start of the Year. The reason: The prices for the processing of the crude oil in the refineries have not decreased, so that the increase in the crude oil arrived prices for motorists.
Further oil price increase in the foreseeable
The crisis of Venezuela will play in the future of the Oil market in any case, a suspected Carsten Fritsch, a commodities expert at Commerzbank. in the meantime, the country has found for its Oil, a new buyer: India now fills the gap, seized by the United States. The US self-promote, however, a continued strong Oil. Because the producers of shale gas, meanwhile, can work even at an Oil price of $ 50 to cover costs. Therefore, the Oil gushing out there, and torpedoed the policy of Opec and its allies, such as Russia.
The Americans have the advantage from the cuts, the Saudi is likely to accept-Arabia, believes Fritsch. Because the country would lose the Gulf market shares. The Russians have promised to contribute from now on, your part to curb the production. However, if you are in the future for the further reduction of ready, the to be questionable, presumed to be the Ölexperte. In mid-April, the Opec will meet with their allies to the next meeting to discuss further funding policy is discussed. Up to the end of the year, the price of Oil is expected to rise to 70 dollars, he estimates. But as expected, the Euro will rise, is not expected to be felt by the consumers in the Euro area, this is so strong.