Monday , June 14 2021

Oil increases considerably from OPEC intensive cellulose, partners reduce supply

The severe frustration in the previous session on Wednesday was restored on Wednesday by the OPEC and its alliance-makers in the upcoming month's meeting to increase market volumes.

FILE PHOTO: Oil is driven by Edwin Dereykin's 1859 well, October 5, 2017 at the Drake Museum in Titusville and the Drake Museum at the start of the modern oil industry. REUTERS / Brendan McDermid / File Photo

Reuters reports that the Brent index was above $ 67 after OPEC and its partners discussed a proposal to cut production up to 1.4 million barrels per day (bpd).

The price of Brent crude oil futures for the last week has risen by $ 1.36 to $ 66.83 per barrel, a rise of 2.1 times compared to 11.35 hours (1635 GMT). Futures for WTI CrC1 futures contracted from $ 1.14 up to $ 56.83 per barrel, which rose by 2.1%.

Brent crude oil prices dropped by 20 percent since early October, which was one of the worst recession since the fall in prices in 2014. Minimum 12 sessions have been registered in the United States since November 2017.

"Over the last few weeks, the market has been slowing down, while poppies are now producing 1.4 million by 2019. Barrels can be made, "says Jean Macguian, Vice President, Marketing Research on Traditional Power Marketing in Staplett, Connecticut.

"Perhaps the fears of some additional funds and the reduced demand have been estimated at the market, but I think the lower level still exists."

Sales were further upset by Wednesday, as trades rescued long-term oil from short-term natural gas sales. As a result of the fall in oil after the October crude oil NGc1 natural gas futures increased by 56% during 4-1 / 2 years.

At the same time, Goldman Sachs warns that hedging financial firms may reduce additional pressure when oil producers are putting options on them.

The oil markets are exposed to pressure from both sides: an increase in deliveries of OPEC, Russia, the United States and other manufacturers; and anxiety about the global economic downturn.

"This market is trying to reduce the price after 12 unplanned downturns in the market," said Jim Ritterbush, President of Rieterbuses and Associates.

"The focus of the equipment is still glaring dynamics of the gateway, which is still simple, but should indicate signs of recovery before the market price drops."

In its monthly report, the International Energy Agency (IEA), which is based in Paris, in the first half of 2019, totaled $ 2 million.

The IEA forecast for world demand growth in 2018 and 2019 remained unchanged last month, with 1.3 million barrels per day (1.3 million barrels per day) and 1.4 million barrels per day. Barrels, however, have increased OECD demand, fat consumption.

In December, the US record 7.94 million tonnes of crude oil production shale shales. It is expected that the barrel will be there. This was reported on Tuesday by the Department of Energy Information (EIA) of the US Department of Energy.

This indicator of continental production has recorded a record $ 11.6 million in the production of the US C-OUT-T-EIA oil. It helped to create barrels, making the United States the world's largest oil producer in Russia and Saudi Arabia.

Most analysts say the US will spend $ 12 million in the first half of 2019.

The growth of US production promotes high reserves. Official data should be extracted from EIA on Thursday, and experts will be required to pay 3 million USD. Barrel is waiting for the oil inventory.

Additional Reports by Alex Lawler, Ahmad Ghaddar, Amanda Cooper & Henning Gloystein; Jason Neely, Alexandra Hudson, Kirsten Donovan, and Will Dunham Editors

Our standards:Thomson Reuters Trust Principle.

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