Major oil declined on investment of 170 billion dollars.

Major oil companies the world over the past few months, postponed or even abandoned the investment in business development in the total amount of 170 billion dollars, informs AFP referring to the International Energy Agency (IEA). The reason was the decline in oil demand, as well as reducing the cost of oil on the world market, compared with the mid-2008.
Worst, according to the IEA, affected oil industry in North America and the North Sea region. As a result, oil production fell by 6.2 million barrels to approximately 83 million barrels per day. According to the IEA, oil demand in 2009 will continue to decline, leading to a deterioration of the oil companies. According to projections, demand for oil this year will decline by three percent.
Since the beginning of 2008 the cost of oil on the world market grew steadily and by mid-July, has reached record high of 147 dollars a barrel. After that, the cost of fuel on the world market declined almost continuously, and by the end of December 2008 price of oil fell to 35 dollars per barrel. Since early 2009, oil is slowly rising in price.
By 16:40 Moscow time on 25 May mark WTI crude oil with delivery in July traded at the commodity exchange NYMEX at 61.15 dollars per barrel.
Meanwhile, the winter decline in oil prices affected the fiscal planning of the oil-producing Gulf countries. In particular, Saudi Arabia, Oman and United Arab Emirates were forced to move to deficit budgeting for the first time in seven years. Thus, the budget deficit of Saudi Arabia is expected to be 17 billion dollars, and Oman - about 2 billion dollars.