The price of OPEC oil basket has fallen even more

the Price of OPEC oil basket dropped on Tuesday, July 14, at $0.36 to $is 43.02 per barrel, whereas in the previous trading day reached $43,38 per barrel, down from last Friday to $0,08. 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 today shows a “moderately positive attitude”. “The coming oil futures Brent and WTI by mid-session in Russia slightly accelerated the increase and added a little more than 1%, settling down near June highs 43.96 41,60 dollar and dollar respectively. Forecasts of the American petroleum Institute on a significant reduction of reserves of “black gold” last week portend positive for the bulls the data in the report of the energy Ministry. Increased attention should be paid to the dynamics of oil production in the United States,” 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).

However,enee, 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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