the price of “black gold” reference marks during the trading day Thursday down after the day before OPEC+ decided from August to partially restore production, as predicted by the deal signed in April.
K 15:25 GMT September futures for North sea petroleum mix Brent fell 0.3% to $43,49 per barrel for the August futures on West Texas crude fell 0.42% to $of 40.78 per barrel, reports “Finmarket”.
As noted by head of the analytical Department AMarkets Artem Deev, “at the end of the discussion, which lasted about 6 hours, the oil cartel and the allies agreed to ease next month restrictions on extraction on the recovery of demand.” “Countries decided to increase oil production, starting in August, 1.6 million barrels per day,” says the review expert.
for its part, the economist “BCS Premier” Anton Pokatovich does not exclude that after yesterday’s OPEC decision+ may be followed by a correction “in oil prices to 40$ and below”. “In current conditions, when the oil market is still in the balancing process, the correction of oil prices, in our opinion, is fully justified. To a more sustainable growth to levels of$ 40 and above, according to our estimates, oil can move from the end of the 3rd quarter of this year”, — predicts 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, the countries nefteprovodiresidents at the 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. 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.
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