The world oil prices rose to maximum values for a month, testifying data from the London Stock Exchange ICE. On Tuesday, April 20, a reference Brent has risen up to $ 67.77 per barrel (as of 09:30 Moscow time), and the cost of July futures WTI rose to $ 64.06 per barrel.
Prices are growing against the backdrop of the next meeting of OPEC +, which can take place on April 28. As it became known earlier, the possibility of holding only the meeting of the Monitoring Committee, without the General Meeting of the Organization, is discussed. Three delegates told the Bloomberg agency that they would not expect any changes in the planned increase in oil production.
On this day a year ago, the world market faced an unprecedented crisis. During the evening trading session on April 20, 2020, the price of May WTI oil futures for the first time in history fell below zero and reached minus 40 dollars per barrel. In May, with the entry into force of the new OPEC + Agreement and the Restoration of China’s demand until almost the pre-crisis level, the situation in the oil market began to change in a positive side.
Now analysts do not see the risk of repeating last year’s situation. “Full locker to the world no longer threatens, and a full-fledged output from under the” pandemic pressure “is possible over the next year, and therefore the probability of returning to the price-described price distortion is absent at least in the perspective of the next year,” said RIA News Associate Professor of the Department of Economic Theory of RAU them G. V. Plekhanova Oleg Cherednichenko.