Brent oil futures for delivery in September on Tuesday morning during trading rose to $ 75.22 per barrel.
Kyiv. Ukraine. Ukraine Gate – July 13, 2021 – Economy
According to Bloomberg as of 9:38, the price of futures for Brent oil rose by 0.08%.
At the same time, the price of August futures for WTI oil rose to $ 74.22 per barrel, adding 0.16%.
Oil prices rose on Tuesday, recovering from a fall the day before, as expectations of a further reduction in fuel stocks in the United States outweighed fears that the proliferation of COVID-19 could disrupt the global economy, writes Reuters.
On April 2, the Organization of the Petroleum Exporting Countries, Russia, and their allies, a group known as OPEC +, agreed to ease production restrictions by 350,000 barrels per day in May, another 350,000 barrels per day in June, and another 400,000 barrels per day. barrels per day or so in July.
OPEC + agreed on June 1 that it would stick to its plan to increase supplies by 2 million barrels per day and the corresponding increase in the agreement in July. The next meeting took place in early July but to no avail.
It will be recalled that the world oil market experienced a “black Monday” on March 9, 2020 – the largest sharp drop in prices since 1991 with the start of the Gulf War. After that, there were several more price collapses in the oil market – against the background of the situation with the coronavirus and restrictions due to the pandemic in the world’s largest economies, leaving the market overwhelmed by a sharp decline in demand and excessive oil surplus.
On April 12, 2020, OPEC + member countries, including Russia, agreed to reduce oil production in a pandemic.
The concluded OPEC + production reduction agreement provided for a production limit of 7.7 million barrels per day until the end of 2020. In the April OPEC + agreement, producers were offered to reduce production to 5.8 million barrels per day from the beginning of 2021 to the end of April 2022. However, the conditions changed at the meeting on December 3, 2020.
OPEC + countries, including Russia, agreed on December 3 last year to maintain the restrictions on oil production, which were in force since the spring of 2020. However, with some relaxation. Thus, OPEC + has confirmed the agreement to return 2 million barrels to the market, but the return should be gradual, taking into account the market situation. The terms of the agreement were agreed to be reviewed monthly.
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Source: Ukrgate
