Oil prices rise after a meeting of the OPEC + monitoring committee

The price of oil is growing: the meeting of the OPEC + ministerial monitoring committee held on the eve inspired investors with hope for an early recovery in demand, according to trading data.

As of 12:45 AM Friday, in Washington, DC, USA, the price of August futures for the North Sea Brent oil mix increased by 0.87% to $ 41.87 per barrel, July futures for WTI rose in price by 0.98% to $ 39.22.

First of all, the market supported the plans of Iraq and Kazakhstan to compensate for the May production that they had not reduced. The draft final communiqué of the meeting also notes that the total percentage of compliance with the OPEC + transaction last month was 87%.

New OPEC + agreements started in May with a reduction in oil production of 9.7 million barrels per day for two months, and on June 6, this condition was extended to July.

Further, the volume of decrease in production will decrease to 7.7 million barrels per day for the period until the end of the year and 5.8 million to the end of April 2022.

“This week, it became clear that any second wave would not necessarily force governments to return to draconian measures,” Vanda Insights founder Vandana Hari told Bloomberg news agency.

She also noted that the market calms down when it comes to limiting oil supplies from OPEC + countries.