The world's oil is quickly becoming more expensive after the Committee meeting, OPEC+

Oil on the global markets quickly rises after the successful results of the past Thursday a meeting of the Ministerial monitoring Committee of OPEC+. Per day barrel of oil has risen more than a dollar.

on Friday, 19 June, a barrel of European benchmark Brent is trading at $of 42.61, the us WTI for the first time exceeded $40, according to trading in London by 13:13 GMT.

Late in the evening after the results of the negotiations the price of a barrel of European benchmark Brent, which at a cost comparable to Russian Urals exceeded $41, and on Friday the growth continued.

in the Morning on Friday, June 19th, a barrel of Brent was trading at $41,89, WTI — at $39,21 (+3.3 percent), according to trading in London at 9:00 GMT.

Strengthened the ruble. The dollar fell by 44 kopecks to 69.42 ruble and the Euro by 42 kopecks to 77.9 ruble, according to data from the Moscow exchange by 13:13 GMT.

International historic agreement on the stabilization of the oil market is performed and the countries parties to the transaction have confirmed their intention to fulfil their obligations by 100%, said energy Minister Alexander Novak in interview to TV channel “Russia 24” immediately after the results of the Ministerial meeting of OPEC, which is traditionally held on the results of monitoring of the oil market.

OPEC+ in may completed the deal by 87%. “Approximately 1.3 million, and several countries reached the agreement in full”, said Novak. “All countries have committed themselves, confirmed the release of the 100% commitment and that within a few months, they may compensate for nedovolnye,” — said the Minister.

He noted that the success of the agreement confirmed the price of oil: since the agreement they have grown in 2 times, and the markets became considerably less of the excess oil. Current prices accurately reflect the situation on the market.

According to Novak, the balance of supply and demand of oil on the market can be reach by the end of June or at the beginning of July. This contributes to the removal of restrictions in the countries after passing the peak of the pandemic: growing industrial and transport activity, the increased demand for oil.

March 6, 2020, it became known about the termination of previous agreements OPEC+ 1 APR. In the end, oil prices fell more than 2 times. But OPEC countries and other States, headed by Russia, April 10-12, 2020 agreed to gradually remove from the market the surplus of oil starting may 1. In the end, the framework of OPEC+ 23 countries agreed to cut production together at 9.7 million barrels per day in may-June. 9 more countries outside OPEC+ announced plans to reduce production to maintain a transaction — by 3.6 million barrels per day.

In June, the agreement was extended in July 2020. Then the reduction of oil under the agreement will be reduced to 7.7 million before the end of the year and then 5.8 million by the end of April 2022.