Saturday , June 19 2021

Oil: the overturn continues to shame the manufacturer

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

As the net prices of hydrocarbon exporters began rubbing their hands, they confirmed the downtrend that began in early October.

Oil prices are at the lowest level in ten months. Yesterday, Tuesday, November 21, 2018, Brenta in London was closed at $ 62.53 or $ 23.41 less than the highest level of the year that reached October 4 – or 27.4% less.

This is the lowest level of courses for almost a year. At the New York Mercantile Exchange (Nymex), oil has also been closed at the lowest level since November 2017 to $ 53.43.

According to some analysts, oil could be too big, especially if global growth slowed down.

In addition, US sanctions against Iran, announced very difficult, were alleviated at the last moment. This is partly what kept the price of oil on its downward trend. The fact that most of the world's largest producers, including the United States, began to predict a fall in Iranian production was added.

>>> NEXT: Oil: the drop continues and threatens manufacturers' calculations

So, Russia and Saudi Arabia have considerably increased the amount of oil extracted, hoping to sell them when Iran does not sell as much as it is now. While, on the other hand, production in the USA reached record even when strategic reserve levels are rarely equal. All of these factors are likely to keep prices down on their downward trend.

Such price levels work in import countries such as Morocco, Senegal, Democratic Republic of Congo, Ivory Coast, Mali, Ethiopia, Kenya. While Algeria, Nigeria, Angola, Gabon or the Congo, on the other hand, risk their economies becoming even more depressing.

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