Brent Crude Oil Price Went Up To $32.82 Per Barrel

Brent Crude Oil Price Went Up To $32.82 Per Barrel

World oil prices on Monday morning rise by more than 4% after the OPEC+ decision to reduce production in order to stabilize the global market, affected by falling demand, according to trading data.

As of 7.57 Moscow time, the price of June futures for North Sea Brent crude oil rose by 4.26% to $ 32.82 per barrel, May futures for WTI crude oil rose 4.92% to $ 23.88 per barrel.

OPEC + on Sunday approved a new reduction in oil production from the level of October 2018: by 23% in May-June, 18% – by the end of 2020 and 14% – by the end of April 2022. At the first stage, the alliance will reduce production by 9.7 million barrels, then by 8 and 6 million. For the Russian Federation and Saudi Arabia, the reference base will be 11 million barrels per day. Mexico insisted on separate conditions, it reduces production by only 100 thousand barrels per day in May-June, and the United States compensates for the rest.

IHS Markit Vice Chairman Daniel Yergin said: “What this deal does is enable the global oil industry and the national economies and other industries that depend upon it to avoid a very deep crisis”.

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