The price oil “baskets” the OPEC on Monday, June 15, was $ 35 per barrel.
According to the Secretariat of the oil cartel, the price of a “basket” of OPEC, which is the average index of physical prices 13 grades of oil, on Monday amounted to $ 35,09. USA per barrel. This figure is almost equal to the price that was last Friday — of 35.06 USD. USA per barrel.
About this report published on Tuesday the data of the Organization of countries-exporters of oil.
As reported, the OPEC countries at the talks on March 6, are unable to extend the agreement to reduce oil production. The stumbling block was the position of Russia, which refused to toughen the restrictions — as proposed by Saudi Arabia. After that oil prices, which are already under pressure due to pandemic coronavirus, rapidly went down.
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Against this background, on 12 April during the Ministerial meeting of the countries-exporters of oil in the OPEC format+ adopted a new agreement that provided for the daily decline in total oil production to 9.7 million barrels, as of 1 may. It was planned that this period will last for two months — until June 30.
For the next period, from 1 July to 31 December, total agreed reduction in oil production was to reach 7.7 million barrels. According to the agreement then was to come the third period, which included a reduction in production at 5.8 million barrels per day for 16 months until 30 April 2022.
June 6 in the course of a virtual meeting of the Ministers in the format of OPEC+ a decision was made to extend the arrangements for the April transaction. The first stage of adjustment of oil production to decrease, which included a reduction of 9.7 mon barrels, was extended until the end of July.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128