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Crude oil prices to go down further
Posted on: 27/Apr/2016 6:19:08 PM
As Saudi Arabia and Iran are competing with each other in the production of crude oil, the experts predict that the price of crude oil in the international market will go down further.
After the economic bans & sanctions against Iran were cancelled, it has decided to increase production of crude oil in order to improve its economy.
As a competitor, Saudi Arabia has also started increasing its production of crude oil.
So, experts predict another steep fall in crude oil prices.
The CEO of British Petroleum Corporation, Mr. Bob Dudley, the prices of crude oil will become stabilized when the demand increases and supply reduces. This situation may happen by the end of this year.
However, presently, Iran and Saudi Arabia are competing against each other in increasing the production of crude oil. So, the experts observe that there is no scope for price stabilization of crude oil.
ARAMCO, the largest oil producing company in Saudi Arabia has sent a ship carrying 7.30 Lakh barrels of crude oil to a petroleum refinery in China. This is an indication of its production current production rate and capacity.
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