Crude oil futures prices reached their highest level since last March.
According to the Emirates News Agency, Brent crude for delivery in August succeeded in reaching the barrier of $ 40 at 1.30 pm Emirates time, while the price of American Nymex crude for July delivery reached 37.50 Dollars.
The rise in oil prices came with the support of optimism that dominated investors regarding the OPEC + agreement to reduce production that entered into force in May 2020. >
The rise in prices also supported the official data issued by the Russian Ministry of Energy, which showed a decrease in its production during the past month by 8.7 million barrels per day, which is in line with its commitment to the recent agreement of countries OPEC + The last meeting of these countries resulted in an agreement to cut production by 9.7 million barrels per day, for an initial period of two months and ending on June 30.
During the next six months, from 1 July to 31 December 2020, the reduction will be 7.7 million barrels per day, followed by a reduction of 5.8 million barrels per day for six months, starting from 1 January 2021 provided that the reference basis for calculating the amendments is the production of October 2018 except for Saudi Arabia and Russia, where the reference basis for each of them will be 11 million barrels per day and this decision will be valid until the end of April 2022, however the possibility of extending the decision will be considered during December 2021.
The OPEC + countries are scheduled to hold a meeting on the tenth of June to discuss developments in the global oil market and determine additional measures required to ensure balance in the global oil market, and as Which takes into account the interests of producers and consumers.
