the Price of OPEC oil basket increased on Monday, June 8, for $2,06 to $of 38.89 per barrel, whereas in the previous trading day (Friday 5 June) it was $36,83 per barrel, up from Thursday at $1.99. These data are presented today on the website of the cartel.
the 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, world prices for “black gold” standard grades in the course of trading day on Tuesday declined due to the appreciation of the dollar and on fears of oversupply of raw materials on the market. So, by 13:24 GMT August futures for North sea petroleum mix Brent fell by 1.94% to the previous close to $40,01 per barrel, the July futures on West Texas crude fell by 2.54% to $37.2 per barrel. Morning quotes grew stronger, says PRIME.
we also Recall, from the beginning of this year on the global oil market rode several waves of falling prices for “black gold”. The negative situation 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). Just last circumstance was the trigger to the collapse in oil prices. Moreover, Saudi Arabia announced plans to increase production and lower oil prices. Later the desire to lower the price of adsor Iraq, Kuwait, UAE and Nigeria.
on April 12 OPEC countries+ finally 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. While Russia and Saudi Arabia base count will be 11 million barrels per day (of the Russian Federation in the first 2 months will reduce production at 2.5 million barrels per day). 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 does not cover the volume decline in world demand for the same in the market have accumulated huge reserves of raw materials. Nevertheless, assured the head of the Ministry of energy Alexander Novak, if necessary, the parties to the transaction can take additional measures to stabilize the situation on the market.
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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