Price of Urals Doubled from April 1 in Anticipation of the OPEC+ Deal
"The price of the variety fell on April 1 to its lowest level since March 1999 - $ 10.54 per barrel, but since then it has almost doubled thanks to the intentions of large producers to reduce production", the report said. The discount on Urals declined for the first time since March 20 - to $ 3.7 per barrel. This is facilitated by large arbitration deliveries to China, where oil demand is recovering, the agency said.
At the close of trading on April 9, the cost of June futures for Brent crude on the London ICE fell to $ 32.03 per barrel, which is 2.47% lower than the previous session.
The previous OPEC+ agreement ended at the end of March. It wasn't possible to extend it due to disagreements between Russia and Saudi Arabia, which could not agree on the conditions for continued cooperation. After this, OPEC countries began to increase oil production, while global demand for it fell sharply due to the spread of coronavirus. As a result, oil fell for the first time in 20 years to $ 22 per barrel.