The price of OPEC oil basket fell significantly

the Price of OPEC oil basket fell on Friday, 24 July, $1.24 to $43,38 per barrel, whereas in the previous trading day it was us $44,62 per barrel. These data are presented today on the website of the cartel.

the Historical maximum of the cost of the “basket” composed of 13 grades of oil of the countries-participants of the cartel, was recorded on 3 July 2008 at $140.73 a barrel.

As noted by analyst IK “VELES the Capital” Elena Kozhuhova, “the coming oil futures Brent and WTI by mid-session in Russia will come out and add slightly less than 0.5% after a slight morning decline”. “Quotes are not so far from achieved last week the local highs on the assault that can come with increasing global risk appetite,” says the review 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).

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 FromSHA. 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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