Riabtsev: oil prices decrease is not the fault of Russia and Saudi Arabia

There was a planned collapse of quotations on the oil market, in which neither the Russian Federation nor Saudi Arabia are to blame. Moreover, this situation does not mean that oil has significantly fallen in price.

Such an opinion was shared by director of the special programs at STC Psychea Hennadii Riabtsev, Kosatka.Media reports.

“The initiators of the entire decline are neither Russia nor Saudi Arabia. The initiators are stock speculators who work on commodity and stock exchanges. They used the non-signing of the agreement between Saudi Arabia and the Russian Federation as an excellent information occasion to capitalize on a sharp decline in quotations”, Riabtsev said.

The expert emphasized that it was not oil prices that had fallen, but derivatives quotations, quotations of secondary financial instruments that are traded on combined commodity, stock and currency exchanges. These derivatives are not directly related to the price of real oil. This connection is manifested only through the use of the formula approach in determining the price of real oil. It takes into account the average quotations of oil derivatives, as a rule, for a month. They are indicators for selling prices of real oil.

“According to current oil prices – $32 per barrel – no one is selling oil. Therefore, to say that a decline in oil prices has occurred is not entirely correct. Because exchange speculation has nothing to do with the real sector of the economy”, Riabtsev said.

According to him, the first informational reason for lowering the quotations was to use the coronavirus, but “it didn’t work”.

To recap, on Monday, March 9, the price of Brent crude oil fell to $31.43 per barrel.

Tags: oil, добыча нефти, RF, price, oil products, oil deliveries

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