Ekonomireporter Kristian Åström, what does this mean?
– It means that OPEC has achieved something that most experts just a day ago saw as less likely. Then the remains to see what it means in detail. Hopefully we’ll find out who will be reducing in their output at 16-the time when OPEC will hold a press conference. But if the output falling by over a million barrels, the price will go up, for it corresponds to a large part of the surplus that is available today on the market.
Why did so many it as unlikely with a settlement?
Iran and saudi Arabia are each other’s enemies, they stand on different sides in the two wars, Syria and Yemen. In addition, even if they have now reached an agreement, the question is whether countries follow the quotas. There is a history of broken promises within the OPEC.
What is the importance of a higher oil price?
– For the oil-producing countries means a higher price that their economy is improving. The OPEC countries live on their oil. Today, several of them large deficit in the state budget. Either they need to cover the deficits with funded assets, or if they lack a financial buffer to borrow or cut spending. The latter is likely to create social unrest. The worst affected are Nigeria and Venezuela, which is facing both a political and economic crisis. But I think you should add, that if the oil price goes up by 20 per cent, so it is still not enough to get the economy to go up for several of the members.
A higher oil price, how does it affect Sweden?
– Gasoline and diesel will be slightly more expensive at the pump. But since almost 80% of the price consists of taxes, so do not move in the price of petrol is directly related to the price of oil. In addition, the traded oil in dollars and the Swedish krona has weakened sharply against the dollar, so we in Sweden have not received the full dividend on the sharp decline that occurred in the last two years.
higher oil prices also affect inflation, which pleased the Riksbank. A higher price leads to higher inflation and higher inflation affects interest rates.
Finally, the affected Swedish companies within the engineering industry, which can hope for a recovery in investment in the energy sector.
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