Oil OPEC basket has risen in price significantly

the Price of OPEC oil basket increased on Wednesday, July 15, at $1.09 to $of 44.12 per barrel, whereas in the previous trading day it was $is 43.02 per barrel, down from last Monday on $0,36. These data are presented today on the website of the cartel.

“Oil basket” OPEC is a conditional mixture composed of marks of oil which deliver on the world market 13 countries in the cartel (Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Libya, Nigeria, UAE, Saudi Arabia and Equatorial Guinea). A historical high for the “basket” of the cartel is a price mark of $140.73 a barrel, which was recorded July 3, 2008.

meanwhile, analyst IK “VELES the Capital” Elena Kozhuhova, the oil market is demonstrating a “moderately negative”. “The coming oil futures Brent and WTI by mid-session in Russia remain in the red and losing about 1% korrektiruete from the June peaks. Important technical changes in the market occurs. Fundamentally, investors are waiting for the easing of restrictions on reduction of OPEC oil production+ in August, which, however, must be offset by a more rigid discipline countries that previously did not fully comply with the terms of the transaction”, — stated in the review of the expert.

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 novuu the 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. Overall, however, it is not blocked 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.

15 July, the meeting of the Ministerial monitoring Committee (JMMC), which is composed of representatives of the countries participating in the agreement OPEC+ coordinated easing from August 1, restrictions on oil production (about 2 million barrels per day) — mined before the imposition of restrictions on the volume will be reduced not by 9.7 million, only 7.7 million barrels per day.

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