The price of Brent rose above $40 per barrel

The price of Brent oil rose above $40 per barrel during trading at the ICE exchange on June 3 in London, reports

The last time Brent rose above this mark on March 6th.

So, at 8:45 am in Kyiv, the cost of Brent futures for supply in August rose to $40.15 per barrel.

WTI is trading at $37.76 a barrel.

Recall that in April, OPEC+ countries decided to reduce oil production by two years due to a sharp drop in global demand in the context of the coronavirus pandemic. Under the terms of the deal, OPEC + production has to be reduced by 9.7 million bpd (23%) in May-June compared to the level of October 2018, in the future the rate of reduction will slow down. So, from June till the end of 2020, the decrease should be 7.7 million bpd (by 18%), then, by May 2022 – 5.7 million bpd (by 14%).

Tags: contracts, oil, hydrocarbon production, USA, energy market, добыча нефти, коронавирус, RF, foreign affairs, ОПЕК+, OPEC, negotiations, stocks, income, price, agreement, route, volumes, oil products, oil deliveries, well, field, gasoline, energy sector, quarantine, Brent, WTI, pandemia, Saudi Arabia, COVID-19, энергетическая безопасность, decline in production, oil companies, oil reserves, economy, market

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