The price of the basket of fourteen crude oils, which serves as a reference to the Organization of Petroleum Exporting Countries (OPEC), fell Monday to 65.05 dollars per barrel, against 65.29 dollars the day before (Friday), said Tuesday the Oil Organization on its website.
Introduced in 2005, the Opec (ORB) crude oil reference basket currently includes Sahara Blend (Algeria), Girassol (Angola), Djen (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es-Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Mery (Venezuela).
Monday, oil prices diverged during European trade, hesitating between the Russian Minister of Energy’s caution on the future of the OPEC + agreement and the high tension between the United States and Iran . In the afternoon, Brent North Sea crude for delivery in August was worth $ 64.84 in London, down 36 cents from Friday’s close.
In New York, a barrel of WTI for the same term earned 8 cents to 57.51 dollars. Crude oil prices climbed to $ 65.79 for Brent on Monday morning and $ 58.22 for WTI, supported by tensions between the United States and the United States. ‘Iran.
US President Donald Trump on Monday summarized the United States’ demands on Iran: « No nuclear weapons, no support for terrorism! »
In a series of morning tweets, Trump, who canceled strikes against Iranian targets in retaliation for the destruction of a US Navy drone, pointed out that the protection of shipping lanes in the Gulf of is not for him a priority. The president had said earlier that new sanctions against Iran would be announced, which « stirs the fears of the market that these geopolitical tensions end up dropping the supply of oil, » said a specialist.
In particular, Iran could prevent oil tankers from crossing the Strait of Hormuz, off its shores, through which most of the crude oil mined in Saudi Arabia and other major producers in the region passes.
If these tensions push up prices, « they could poison the atmosphere that is not very breathable at the OPEC meeting next week, » analysts said. The Energy Ministers of OPEC members and their partners, including Russia, will meet again on 1 and 2 July in Vienna to decide whether to renew their agreement to limit their production after the end of the first half of the year.
At the last meeting, disagreements between Iran and Saudi Arabia made negotiations difficult, although most analysts expect this time to renew the deal.
On Monday, Russian Energy Minister Alexander Novak, however, said it was too early to say that the deal would be renewed, saying he had to wait for the G20 meeting this weekend.
In December 2018, OPEC had agreed with the non-OPEC producing countries, including Russia, to reduce production by 1.2 million barrels per day (mbd) from 1 January 2019 to 800,000 barrels per barrel. OPEC, and 400,000 barrels / day for the partner countries in the non-OPEC agreement. This agreement to reduce production comes to an end at the end of the current month.
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