The crude oil price may drop below $ 60 in the second half of this year, according to ING’s analysts. The US oil supply to the Asian market is continuously increasing, which is a challenge for OPEC member states to set the balance between supply and demand. In other words, analysts believe that some OPEC countries might leave the organization in order to limit US participation in the Asian market. US oil exports have reached 1.5 million barrels per day, which is two times higher that six months ago, and the main buyers of the oil are Asian countries. The crude oil price reached $ 115 a barrel in mid-2014, but now the Brent and West Texas oil prices fluctuate around 65 dollars.

Source: BloombergTV.mn