Price for Brent Oil Exceeded 42 Dollars after the Meeting of OPEC+ Monitoring Committee
OREANDA-NEWS. The cost of the August futures for Brent crude oil on the Intercontinental Exchange in London rose by 1.41 %, to 42.05 US dollars per barrel. Futures for American crude oil WTI for July delivery increased by 0.95 %/ to 39.2 dollars per barrel.
“On the eve of the meeting of the OPEC+ Monitoring Committee, within the framework of which Iraq and Kazakhstan promised to compensate for their weak discipline by an additional reduction in production over three months. This helped the oil quotes to keep from falling,” Andrey Kochetkov, an analyst at the Russian company Otkritiye Broker, said.
The meeting of the OPEC+ Monitoring Committee was held on June 18. It was announced that Iraq and Kazakhstan confirmed their readiness to further reduce production in order to compensate for exceeding their own quotas. The organization’s statement says that before June 22, other OPEC+ participants will submit plans for compensation for exceeding quotas.
The draft final communiqué of the meeting notes that the total share of compliance with the OPEC+ deal in May was 87 %.