North Korean media boast successful ballistic missile launchWorld May 30, 7:03
At least 10 killed as militants shell Syria’s Deir ez-Zor — SANAWorld May 30, 5:49
Over 30,000 people in three Russian regions remain without electricity after stormWorld May 30, 5:28
Putin visits Russian cultural center in ParisSociety & Culture May 30, 3:37
Search engine Yandex denies transfer of Ukrainians' personal data to Russian intelligenceWorld May 30, 0:11
At least 137 people injured in Moscow storm — sourceWorld May 30, 0:05
Ukraine's security service accuses search engine Yandex of leaking personal info to MoscowWorld May 30, 0:03
Kamaz to supply at least 1,000 trucks to Philippines by 2020Business & Economy May 29, 21:49
Moscow ready to offer clarifications over incident with Montenegrin MPRussian Politics & Diplomacy May 29, 21:09
MOSCOW, September 1. /TASS/. OPEC may try to keep the price of Brent crude oil above $50 per barrel, according to the experts at the investment bank Bank of America Merrill Lynch (BofA).
According to the bank’s experts, led by BofA Head of Global Commodity Research Francisco Blanch, OPEC could react to low oil prices in case developing countries demand weakens.
Over the past few years, the breakeven points of OPEC countries budgets increased, while Saudi Arabia is able to finance its budget deficit at the expense of state reserves while Brent price stays in the range of $55-70 per barrel, according to BofA experts. At the same time Saudi Arabia cannot maintain costs for long at the price of Brent below $40 per barrel, Bank’s analysts said. "In this case the OPEC’s desire to cooperate grows exponentially with falling oil prices, the experts said.
Brent crude oil price on August 31 soared 8% and exceeded $54. The sharp acceleration of growth in oil prices occurred after the publication of the OPEC bulletin, which stated that the organization was ready to negotiate with the countries - producers of that are not members of OPEC in order to stabilize world oil prices.