Data from the International Energy Agency showed that the oil reserves accumulated in storage facilities around the world during the epidemic were practically exhausted, which may increase oil prices in the second half of this year.
Bloomberg News said, on Monday, that the excess reserves of oil in July 2020 were almost five times higher, amounting to 249 million barrels, indicating that stocks decreased in recent months further, amid increased demand.
Oil reserves in the world's advanced economies were 57 million barrels higher than the average data for this indicator for the years 2015-2019.
The agency said that the largest oil reserves are currently stored in China, while US hydrocarbon reserves have practically returned to the level that was observed before the epidemic, reaching 1.28 billion barrels in February.
And Bloomberg notes that oil inventories on the east coast of the United States recorded last week, their lowest level in 30 years.
During the past two weeks, oil reserves stored in tankers decreased by 27% to 50.7 million barrels.
The cost of June Brent crude futures on the London Stock Exchange on Friday increased to $ 67.08 a barrel.
Bloomberg expected that the price of oil, against the backdrop of the expected reduction in oil reserves in the second half of 2021, may rise to $ 74 a barrel.
Oil exporters had decided, against expectations, at a meeting on April 1, to increase oil production as of next May.
OPEC + countries will increase their oil production in May by 350 thousand barrels per day, in June by another 350 thousand barrels per day, and in July by another 450 thousand barrels per day. The decision was taken immediately for a period of three months.
It is noteworthy that the "OPEC +" countries, which represent more than 40% of global oil production, have met every month since the beginning of 2021; To determine levels of production in the short term. This approach gives members more flexibility in the face of recovering fragile demand.
0 Comments