Moscow. June 19. INTERFAX.RU oil Prices continue to rise on Friday on optimism about a gradual recovery in the balance of supply and demand in the global market.
the Monitoring Committee of the OPEC+ following the results of session on Thursday, 18 June, stressed the importance of a clear fulfillment of obligations to restrict the production within the deal, concluded in early April, and has also taken a number of measures to force countries not complying with the terms of the transaction in full, to compensate for unfulfilled obligations.
the Cost of the August futures for Brent crude on the London ICE Futures exchange to 8:15 Moscow time on Friday, June 19, was $of 41.85 per barrel, or $0,34 (0,82%) above the price of closing of previous session. At the end of trading on Thursday these contracts rose by $0.8 (2%), to $41,51 per barrel.
WTI oil Futures for July in electronic trading on the new York Mercantile exchange (NYMEX) by this time increased in price by $0,32 (0,82%) — to $of 39.16 per barrel. On the eve of the value of these contracts increased by $0,88 (2,3%), to $38,84 per barrel.
As reported, Iraq and Kazakhstan on Thursday presented the monitoring Committee of the OPEC+ compensation plans outstanding commitments to reduce oil production, other countries were given until June 22 to submit their plans.
“Iraq and Kazakhstan have pledged to offset the outstanding obligation to limit production, and this is great news that shows that OPEC+ is committed to working” — the analyst of Price Futures Group Phil Flynn.
“Now that Saudi Arabia and Russia convinced Iraq and Kazakhstan to reduce production more than the deal, we will see how its overall performance will reach 100% in the next few weeks”, — quotes the expert MarketWatch.
According to the Committee, in may, the OPEC deal+ were performed at 87%, that is, the market received by 1.26 million b/d more than expected. While OPEC has fulfilled its obligations by 84% — exceeding 0.97 million b/d, and the country non-OPEC 92%, i.e., 0.29 million b/d.
during the last meeting of OPEC Ministers+ in early June, it was stated that the continuation of the transaction due to the 100% fulfillment of obligations and compensation that is not executed.
