Energy, Lithuania, Transport

Prices for oil products continued to grow from the beginning of May. According to Lietuva Statoil sale and supply department director Skirmantas Maciukas, the report of an analysts of Goldman Sachs that in the nearest year the crude price may rise from 150-200 US dollars per barrel stimulated the increase in crude price in the beginning of May. Also the price increase was influenced by the unrestfull geopolitical situation in Nigeria, which is one of the biggest oil exporters. Moreover, the price increase was determined by the report on the decline in volumes of oil got in Russia and Mexico, reports ELTA.

In the last days of May the prices began to fall. The changes on Asian market and information that Russia prepares for the encouragement of oil pumping, and the dollar, strengthening in comparison to other currencies also played an influential role.

According to Maciukas it is difficult to forecast the way how petrol prices are going to change in the nearest future. The use of products during the season of holidays and travels will have huge influence. The situation will also depend on the crude price, the stability of supply and the efficiency of production. One more and very important factor is a rate of US dollar.