Chamber of Accounts announces factors to reduce oil price

Chamber of Accounts announces factors to reduce oil price
  • Clock-gray 14:31
  • calendar-gray 03 July 2017

During formation of state budget and SOFAZ’s key parameters, the oil price is decided to make up $40, the Chamber of Accounts said in its opinion on draft law on “Amendments to the law “on the state budget for 2017””.

 

“Despite the oil price made up above $50 in five months, the prices started to decline in the past month. In spite of OPEC agreement, increasing geopolitical tension, probability of US’s selling a part of its oil reserves, twice increase of interest rate by US Federal Reserve System within a year, increase of output by Saudi Arabia and Iraq and etc. may cause oil price to change in the coming period”, the Chamber said. 

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