the price of “black gold” standard grades in the course of trading on Wednesday evening has fallen sharply after the release of statistics on the production and reserves of oil in the United States.
K 18:39 GMT, August futures for North sea petroleum mix Brent fell by 5.86% to $40,13 per barrel for the August futures on West Texas crude fell by 6.14% to $37,88 per barrel. Earlier in the day quotations fell to 1-1,5%, reports PRIME.
according to the report by US Department of energy, oil production in the country for the week ended June 19 increased by 0.5 million to 11 million barrels per day. Thus, the weekly production indicator rose for the first time in 11 weeks. Before that it declined continuously from the beginning of April.
in addition, the oil reserves within the country jumped to 540 million barrels, the third time updating a record.
we also Recall that since the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. A negative situation was caused by a whole complex of factors: a General overproduction of raw materials, a sharp drop in demand due to the rapid spread of coronavirus infection COVID-19 (March 11, was declared a pandemic) and concerns about its impact on the global economy and the collapse of the deal, OPEC+ (officially from April 1, but in fact, after fruitless negotiations of the countries-oil producers at a meeting on March 6 in Vienna).
However, on April 12 OPEC+ agreed on a new deal, joined by 23 States. The agreement will be valid for two years, from may 1, 2020 to may 1, 2022-th. In may—June this year, the production cuts will amount to 9.7 million barrels per day (from October 2018), then — until the end of 2020 — 8 million barrels, and 6 million by the end of April 2022. New business OPEC+ was a forced reaction of oil producing countries on the situation in the market and pressure from the United States. In General, however, it is not nehave rekrul volumes decline in global demand, besides on the market have accumulated huge reserves of raw materials.
At the meeting on June 6, the member countries of OPEC+ extended on a month — until the end of July — the period of validity of the agreement to reduce oil production to 9.7 million barrels per day.
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