World oil prices rebounded after the collapse
International prices of petroleum products are rising After yesterday's collapse, informed the auction.
International prices of petroleum products are rising After yesterday's collapse, informed the auction.
So, Brent and WTI has increased in price by 16 and 30%, respectively. The price first climbed to almost 29 dollars, second - up to $ 26 per barrel.
yesterday, the International price of petroleum products has updated the lows of 2002-2003, which caused the decrease of the ruble.
Demand for petroleum products in the world fell at the beginning of the year because of the pandemic coronavirus that led to a sharp decline in prices. And in March because of the failure of the Treaty of OPEC in the oil market there was a collapse.
the agreement OPEC and non-member countries on the reduction of fuel production operated from the beginning of 2017. Many times it was extended And the rules changed. So, before the end of 2019, the agreement provided for a decrease in the production of 1, 2 million barrels per day from the value of October 2018, And in the 1st quarter 2020 for 1, 7 million barrels.
However, Saudi Arabia insisted on future production cuts, And Russia has proposed to keep the existing rules. As a result the parties failed to come to a common opinion, and on April 1, the parties to the Treaty will no longer have any obligations.
then, Saudi Arabia announced plans to increase production, reduce costs and offer European buyers a large volume at a discount. It collapsed of oil prices on world markets. During the period from January of this year, prices fell by more than two times.
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