“Black gold” is rising again

Oil production by OPEC countries in March decreased to 295 thousand barrels per day – up to 30,385 million b/d.

The world prices for oil reference marks continues to grow for new signals about reducing OPEC production. This according to the auction the morning of Tuesday, April 2.

Thus, the June Brent crude on London’s ICE Futures exchange to 8:40 in Kiev rose by $0,21 (0,30%) to $69,22 per barrel.The day before Monday the price jumped to $1,43 (2,12%) and has made on closing of $69,01 per barrel.

The cost of the futures on WTI for may on electronic session on the new York Mercantile exchange (NYMEX) rose to $0,24 (0,39%) to $61,83 per barrel. At the previous auction of this brand has risen to us $1.45 (2.41 per cent) to $61,59 per barrel.

Thus, the spread between the current contracts for Brent and WTI is about $7,39 in favor of Brent.

According to Bloomberg, citing a survey of officials and analysts, and analysis of data on tanker transport of oil, oil production by OPEC countries in March decreased to 295 thousand barrels per day – up to 30,385 million b/d.

Saudi Arabia, the largest oil producer in OPEC has reduced its production to 9.82 million b/d. This is the lowest figure in four years.

“Saudi Arabia reaffirms its words with deeds and every month reduce production, thereby encouraging other OPEC countries to implement the agreements,” – said economist at Oversea-Chinese Banking Corp Howie Lee.

According to experts, the key factors for the oil market in the short term will be the issue of extending the agreement to limit oil production in OPEC, and the us sanctions against Iran and the possibility of other countries to buy Iranian oil.

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