The oil price increases, OPEC+ exceeded commitment

  • And
  • +A

The price of Brent crude on Wednesday 10 April to 15.53 MSK increased relative to the previous close of 0.2% to 70.75 per barrel.
The market of “black gold,” marking near five-month highs – in the area round the mark 71 dollars per barrel. Support comes from OPEC data, which has reduced in March oil production at 534 thousand barrels per day (monthly) – up to 30,02 million barrels. The decline recorded in Saudi Arabia, Venezuela, Iraq and Iran.
Under the agreement, OPEC+ OPEC exceeded its commitments by 54%. They decreased production a total of 1,254 million barrels per day compared to October, against the promised 812 thousand.
Meanwhile, in February, commercial oil stocks and oil products in OECD countries (the benchmark test of the transaction OPEC+) exceeded 7.5 million barrels per day average in five years, the value and amounted to 2,863 billion barrels.
US Department of energy (EIA) recorded in the first quarter, the first since the fourth quarter of 2017, the reduction of commercial oil reserves in the world. It amounted to 0.5 million barrels per day in March the reserves decreased by 0.7 million barrels.
Meanwhile, oil production Russia in the second quarter will continue to decrease by 0.13 million barrels per day in females to an average of 11.4 million barrels per day, estimated, in OPEC.
The Euro against the dollar stabiliziruemost a little above $ 1,125. The ECB decision to leave its key interest rate at a record low of 0% per annum was expected and did not affect the dynamics of the exchange rate forex.
To 15.53 MSK the Euro is almost unchanged from the start of trading on the last fixing and amounted to 1,1262 dollar.
_____________________
Denis Povtoreiko,
Financial scout,
Forex Club