– It looks pretty ugly in the market now. The decline that began on Thursday was triggered extra that came weaker figures from the major driver in Europe, Germany, which is beginning to show signs of weakness, said oil analyst Thina Saltvedt in Nordea to DN.
At the same time slowing growth in China so few signs that oil prices will rise up because of increased demand. Demand failure occurs while production of oil increases, both of shale oil in the United States, from Russia and from OPEC countries.
– The abundance of oil, and there are few signs that Opec intend to do something moment. Russia produces at its highest level since the Soviet Union’s fall. The United States produces a lot. It is a challenge for countries in West Africa. They have previously sent its oil to the United States, but must now find new markets, and it is Asia the closest. Meanwhile, Libya come back into the market, says Saltvedt on to DN.
Saltvedt notes that a further decline is a horror scenario for the Norwegian oil industry.
– price may fall further down on 80 ies. It does not take very much lower prices until the marginal fields start to come under pressure. For oil this is also a horror scenario if prices continue this downturn, says Saltvedt to DN.
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