In June, the supply of oil in the world fell to a nine-year low

The supply of oil in the world in June 2020 fell to a nine-year low, amounting to 86.9 million barrels. a day. This is stated in the report of the International energy Agency (IEA). The document stated that in the past month, world oil production fell to a nine-year low after Saudi Arabia reduced its production by an additional 1 million barrels. of oil per day in excess of the contract OPEC+, and production in Iraq and the United States declined by approximately 0.5 million barrels. a day. According to RBC, on the background of the pandemic COVID-19 and falling demand are the largest oil producers, including Russia and Saudi Arabia, signed an agreement to record a decrease in production of 9.7 million tonnes of Barr. a day under the deal, OPEC+. Reductions of agreed G20 countries that are not members of the organization. As a result, total production decline in the world may be about 19 million barrels. a day, or nearly 20%, said Deputy Bureau chief, Energy Intelligence Amin Bakr, citing its sources. According to experts, on average, in 2020 the demand for oil will decline by 7.9 million barrels, to 92.1 million barrels., the pandemic COVID-19 and quarantine in many countries. They also pointed out the possible risks of new restrictions due to the deterioration of the situation with coronavirus in the United States, Brazil, Russia and Saudi Arabia. The growth in demand for “black gold” is expected only in the next year to 97.4 million barrels. a day.

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