The price of OPEC oil basket has moved to growth

the Price of OPEC oil basket rose on Tuesday, July 28, at $0.26 to $43,4 per barrel, whereas in the previous trading day it was us $of 43.14 per barrel, down from last Friday at $0,24. 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.

Meanwhile, world prices for “black gold” standard grades in the course of trading day on Wednesday once again began to rise on expectations data US Department of energy on oil reserves in the country. So, by 14:01 GMT September futures North sea petroleum mix of Brent rose by 1.11% to $43.7 per bbl, September futures on West Texas crude fell by 0.83% to $41,38 per barrel, said “Finmarket”.

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 the situation on 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.