Light oil price, Brent oil price chart for six months

light oil price, Brent price dynamics chart

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Light oil price, Brent oil price chart for six months


Сегодня вторник, 27 октября, 2020 год.

light oil price dynamics Chart for six months

falling oil prices put pressure on the Russian economy - RTS indices and MICEX

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dependence of the oil price on its properties

Crude oil benchmarks are benchmarks for various types of raw materials that are available on the market. These oil markers, as benchmarks, were first introduced in the 1980s, with the goal of setting a standard for the most actively traded products on the market.
Main standards - oil grades
WTI (Western Texas Intermediate): - the benchmark for Light Sweet Crude oil in the United States with a sulfur content of 0.24% and an API density of 39.6. due to its low viscosity and low sulfur content, WTI is rated as a high quality grade. The main application is the production of gasoline and diesel fuel.

1. Brent oil
Light Sweet Crude produced in the North sea contains a sulfur percentage of about 0.37, and an API density of 38.06. although Brent oil is not as light or as sweet as WTI, it Is just as well suited for the production of gasoline and other internal combustion engine fuels.

2. Dubai
This oil is the benchmark for light high-sulfur oil obtained from the Persian Gulf. It has a sulfur content of 2%, with an API density of 31. Dubai crude is also known as Fateh and is used for pricing crude oil and is exported to the Asian region.

3. Tapis
This oil is the benchmark for light sweet Malaysian oil. The sulfur content is only 0.03%, and its API gravity is about 45.5 degrees. Although not as widely used as WTI and Brent as a benchmark, this brand is actively used as a benchmark in Asia.

4. Bonny Light
The benchmark for Nigerian oil, with an API of about 36. It has a very low sulfur content

5. Isthmus
Standard of light oil from Mexico. The sulfur content is about 1.45%, API 33.74.

6. OPEC Basket
OPEC basket : this is a mix of seven crude oil grades from OPEC countries and is used by OPEC to monitor global oil market trading conditions.

Countries and the price of oil

us Economists assume that the pressure on oil exporting countries will increase if oil prices continue to fall. Many of the largest oil - consuming countries will have to change their energy consumption policies to avoid problems due to the unstable situation in the oil market.
Recently, many oil - exporting countries have had to radically change their economic policies, since the economy of these countries was based on oil exports, which accounted for most of the budget revenues. At the moment , there is no significant improvement in the dynamics of oil prices and this puts pressure on the budget, as well as on the growth of public debt.
First of all, these countries paid attention to the diversification of the economy, business development, and export of manufactured and consumer goods. It is planned to develop the financial sector, reform public sector enterprises, strengthen institutions in various areas of the economy, invest in human capital, and attract private investment, especially in non-oil sectors. Otherwise, the national reserves of gold and currencies that serve to support and develop the economy, the army, and social areas may reach critical lows.

Oil and the Russian Economy

in particular, Russia is urgently engaged in a number of measures to reduce the country's economy's dependence on oil exports, and monetary policy is being improved to reduce the economy's vulnerability to oil price spikes. It is assumed that even if oil prices rise, the situation will change slowly, due to the fact that prices will not rise too quickly and will not soon return to their highs.

Low oil price creates budget problems

at a time when oil prices were $ 45 per barrel, the balance of budgets of oil - exporting Countries left much to be desired, and already with prices falling below $ 30, it raises serious concerns. These countries put a certain price of oil in the budget, from which the budget volume was predicted. However, recent events completely disrupt this system of budget calculation due to the huge gap between the embedded price in the budget calculation and the real price that has emerged in the market. In addition, it was previously assumed that oil prices would stop falling and give a quick rise to their previous positions, which affected the budget. Particularly vulnerable economically were Iraq and Libya, as well as Angola, which were not prepared for such a strong imbalance in income and expenditure. Venezuela has been particularly affected, with increased risks to the country's stability. There may be a loss of public order, there is a risk of default, hyperinflation, and currency control distortions. In all likelihood, this country cannot do without the support of international financial funds, but Venezuela's relations in this regard are not established, and those that were before are broken.
The losses of the countries ' economies are related not only to the direct sale of oil, but also to the deterioration of the situation in the oil refining industry, falling revenues due to low prices and the production of products for which oil is the main source - gasoline, oils, fuel oil and plastics.

Oil and stock markets

The fall in the oil price also affected the commodity and stock markets. The fact is that most of the available funds from the sale of oil were invested on the commodity exchange and in company shares. With the fall in the oil price, the cash flow towards investment declined sharply and, moreover, investment assets began to sell massively, which created a drop in commodity and stock prices in many markets.


rising oil prices.

at the moment, the dynamics of the oil price is changing significantly in the markets, as there was a significant reduction in oil supplies, which strengthened the market as a whole and increased positive sentiment on the stock exchanges. The price of oil is increasingly approaching the one that the oil - exporting countries put in their budget.
Oil producers, the United States decided to reduce the work on the creation of rigs and traders went massively short positions on oil at the commodity exchange.
Low oil prices have made a strong correction to the rig development strategy and the oil exploration and research system. Earlier, many US industrial companies for oil production announced a reduction in work on creating oil rigs and the pace of work decreased for several months and reached the lows of the crisis years. Several operating unprofitable oil rigs were completely frozen. However, some forces were transferred to the completion of earlier work on efficient oil production. Such large-scale changes affected the oil market and triggered changes in the dynamics of oil futures prices in commodity markets.

Graph the price of oil 27.10.2020

At the same time, data are expected on the development of the economy and oil consumption of the largest importer - China, which may consolidate the growth of oil prices, or suspend them for some time.
Against this background, the supply of oil from Iraq has sharply decreased, since the pipeline in Turkey stopped working in February, according to the Kurdistan Ministry. This area is particularly difficult economically, with the beginning of the strongest declines in oil futures prices earlier. In the budget of this country, social security items are lost, since the pledged expenses became prohibitive when oil prices were at a high level. Previously, such decisions had to be made for a reason - the political situation in this region left much to be desired. The pipeline stopped working on the territory of Turkey due to certain reasons, but the authorities promise to repair it as soon as possible and restore its functioning as soon as possible. Earlier it was reported that the pipeline was blown up or damaged during the fighting in this territory.

 Light oil price, Brent oil price chart for six months


Finance Ministry to lower tax for complex oil

the Ministry of Finance has developed a scheme to reduce the tax on the development of complex oil fields. Experts and industry representatives believe this idea is correct. The funds saved on the tax will be used for the development of new fields. However, the indicators chosen by the Ministry of Finance for calculations make it difficult to implement. The Ministry of Finance continues to implement tax reform for fields with hard-to-recover oil. New amendments to the Tax code imply a reduction in the tax rate on the extraction of minerals for oil, depending on the efficiency and permeability of the reservoir, as well as the degree of development of the field. For example, for fields with low permeability and intermediate reservoir efficiency of no more than 10 meters, the met is set at 0.19 of the standard rate for a period of 10 years. For all shale oil fields developed by one percent or more, the met is proposed to be reset for 15 years.

the main idea of the Ministry of Finance is to divide deposits into four categories, for each of which the met rate is determined. Officials believe that lowering the mineral extraction tax and the simultaneous use of new oil production technologies can make profitable fields with a low-permeable soil layer. At the same time, new taxes will increase the economy of projects and the investment attractiveness of deposits. Experts note that the process of administration of new benefits will be quite complex. It would be more reasonable to take integral indicators that characterize the quality of oil reserves. These characteristics are the rate of profit per 1 ton of oil produced and the oil recovery coefficient. The kin INDICATOR determines the optimal technology for field development, and the rate of profit takes into account the cost of production, taxes, transportation costs and oil prices. Experts say that the effective thickness of the reservoir is not a characteristic of the quality of reserves and can not be used to adjust the met. Experts fear that the proposed system of met adjustments will allow implementing corruption schemes. For example, manipulations with different types of permeability are possible, since they are not specified in the document.

chart of oil price dynamics light. The price of Brent oil for six months. Price chart - Brent crude oil for 10 years. Latest oil prices and exchange rates Light онлайн 27.10.2020

Brent (ICE.Brent)


light oil price dynamics Chart for six months. Light oil price, Brent oil price chart for six months