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04.12.2020 12:16 PM
Oil prices establish rapid growth

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Crude oil prices climb on Friday morning amid resolution of the urgent issue of increasing the pace of oil production in the world. On Thursday, OPEC stressed that the increase in oil production should be gradual, without sharp jumps in one direction or another. Thus, black gold proceeded to strengthen its positions, that is, to a noticeable growth, which may become the basis for a weekly rise. Then oil will mark the fifth consecutive week of growth.

According to the OPEC member countries, the oil market is now in an extremely difficult situation: its stability is seriously disturbed, and the progress that has been observed in recent weeks is very unstable, so it is not advisable to rely on it in full. At present, one cannot afford to increase oil production by 2 million barrels per day at once, since this will greatly undermine the whole situation. Therefore, OPEC has decided on a gradual and rather slow increase in production. In particular, the first increase should be no more than 0.5 million barrels per day, and it will happen at the beginning of next year.

This time, the negotiation process itself, which took place in an extremely tense atmosphere, caused great difficulties. The leading OPEC states could not come to a common denominator. The Russian Federation and Saudi Arabia quite seriously disagreed on the crisis manifestations in the oil market and their leveling in the future. However, a compromise solution was still reached in a fairly short time, and most importantly, this did not affect friendly relations between the countries, which is a very good sign for future partnerships.

Moreover, Russia expressed a desire and intention to increase its oil production from the beginning of next month not by 0.5 million barrels per day, but by only 0.25 million barrels per day, which was also positively received by investors who saw this as a step forward. to the next partnership agreement.

Recall that under the agreement that was ratified in the spring of this year, when the crisis wave against the background of the coronavirus infection pandemic covered the global economy (and the oil and gas sector was no exception), the participating countries agreed at first to drastically and significantly reduce the production of black gold, and then start a gradual and rather slow build-up that would allow the industry to return to the pre-crisis level.

According to most analysts, the level of hydrocarbon reserves will be able to demonstrate a significant reduction at the very beginning of next year. However, there is a fly in the ointment in this barrel of honey. It is primarily associated with the fact that pressure on the oil market may cause an increase in the supply of crude oil from Libya and a potential increase in production in Iran, which will happen if political relations between the Iranian and American authorities improve. In any case, all of this could seriously undermine an already fragile recovery in the oil market.

The price of futures contracts for Brent crude oil for February delivery on the trading floor in London rose 1.85% or $0.9, which sent it to $49.61 per barrel. Thursday's trading ended with an increase of 1% or $0.46, which sent it to $48.71 per barrel.

The price of futures contracts for WTI crude oil for delivery in January on the electronic trading platform in New York gained 1.58% or $0.72, which sent it to $46.36 per barrel. Thursday's trading ended with an increase of 0.8% or $0.36, moving the price to $45.64 per barrel.

Maria Shablon,
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