Oil prices got off to a bad start yesterday, as the OPEC + cutback easing came into effect in an uncertain context of demand recovery. At around 9:35 a.m. GMT (12:35 p.m. in Beirut), a barrel of Brent from the North Sea for delivery in October, which is the first day of use as a benchmark contract, was worth $ 43.11 in London, down from 0 , 94% from the Friday close. In New York, WTI’s US barrel for September fell 1.24% to $ 39.77. Over the month of July, however, Brent gained a little more than 5% and WTI rose 2.5%.
To cope with the fall in demand for crude, the Organization of the Petroleum Exporting Countries (OPEC) and their allies, through the OPEC + agreement, have decided to reduce their production by 9.7 million barrels per day (mbd ) in May and June. A first lightening of this drastic cut has already been made in July, the slight difference being explained by the position of Mexico which refused to comply with the group’s effort. Producers are supposed to release these cuts to 7.7 mbd since August 1, then to 5.8 mbd from January 2021 to April 2022. Catching up asked the bad students of the cartel who pumped more than their quota in the spring, s’ it is respected, will however be of a nature to moderate the increase in production in August. Analysts estimate a return to the market of around 1.5 mbd in August.
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Oil prices got off to a bad start yesterday, as the OPEC + cutback easing came into effect in an uncertain context of demand recovery. At around 9:35 a.m. GMT (12:35 p.m. in Beirut), a barrel of Brent from the North Sea for delivery in October, of which it is the first day of use as a benchmark contract, was worth 43.11 dollars in London, down. .
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