Traders don’t believe in quick recovery of oil prices

The crisis will last much longer than the recession, followed after the financial crisis in 2008. Seven years ago, the prices recovered during the year. Now the restoration will be much slower.

"The growth of oil stocks will continue to put pressure on markets, - Chris Bake, executive director of the Vitol Group, the largest international oil trader, gave his forecast to the Bloomberg.- The prices are unlikely to grow above the current level before at least summer of 2017".

The Bake’s forecast is supported by representatives of Vitol’s rivals, including such companies as Trafigura Pte Ltd. and Gunvor Group Ltd. The oil traders consider the main culprits Saudi Arabia, Iraq, Russia and other oil-producing countries that don’t reduce their oil production because of the fear to lose their market shares. In anticipation of the Friday's OPEC decision to maintain the production levels unchanged, as well as in connection with a sharp increase in Iranian production, it is expected further overstocking on the oil markets next year. Today, according to the International Energy Agency (IEA), the oil stocks reached 3 billion barrels. This is sufficient for the entire planet for a month.