Brent price drops below $40

Oil prices began to decline after rising the day before to the highest level since early March. It is reported by Interfax.

The cost of August Brent futures on the London ICE Futures exchange by 8:19 Moscow time on June 4 was $39.23 per barrel, which is $0.56 (1.41%) lower than the closing price of the previous session.

Futures for WTI oil for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell in price by $0.69 (1.85%) to $36.60 per barrel.

Price fluctuations are affected by news about the OPEC + meeting. As Bloomberg reported earlier, rescheduling the meeting of OPEC and OPEC+ ministers a week earlier is in doubt, as Russia and Saudi Arabia are trying to achieve full compliance with the obligations of the parties to the deal.

At the moment, the meeting of OPEC ministers is scheduled for June 9, OPEC+ ministers – for June 10.

OPEC+ leaders also warns other members of the alliance that negotiations scheduled for next week may not take place if countries such as Iraq and Nigeria do not make firm promises to adhere to production quotas.

“Saudi Arabia and Russia insist that other members stop violating quotas before reaching any agreement,” ANZ analysts say.

Tags: contracts, oil, hydrocarbon production, Top management, USA, energy market, авиатопливо, добыча нефти, drilling, RF, foreign affairs, ОПЕК+, OPEC, negotiations, stocks, price, agreement, volumes, oil products, oil deliveries, gasoline, infrastructure, energy sector, Brent, WTI, Saudi Arabia, COVID-19, энергетическая безопасность, decline in production, oil companies, oil reserves, crisis, economy, market

Read also

В июне Казахстан перевыполнил обязательства по сокращению добычи в рамках сделки ОПЕК+
Суд признал недействительным спецразрешение «Арконы» на разработку Свистункивско-Червонолуцкого месторождения
Azerbaijan proposes to increase the number of countries in OPEC+