US, WASHINGTON (ORDO NEWS) — The cost of futures for Brent crude oil for delivery in July 2020 rose to its highest level since April 13, according to trading data.
As of 02.03 GMT, a barrel was worth $ 33.36, which is 1.61% higher than the closing level of previous trading. July futures for WTI crude oil rose 2.85%, to $ 30.36.
OPEC + agreed on April 12 to reduce oil production by 9.7 million barrels per day in May-June, 7.7 million in the second half of the year and 5.8 million further until the end of April 2022.
The base of reference was taken in October 2018, but for Russia and Saudi Arabia, 11 million barrels per day were taken, from which, by analogy with all, there is a decrease of 23%, 18% and 14%, respectively.
The agreement between the oil producing countries was preceded by a sharp collapse of quotations in early March against the background of a significant reduction in demand due to the coronavirus pandemic, as well as after the collapse of the previous OPEC + deal.
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