the Market is tired of the negativity and cling to any good news. Today, the main driver of growth in the value of “black gold” was the information oilfield services company Baker Hughes on the continuing decline in the number of drilling rigs operating in the United States. For a week it has decreased by 15 to 222 pieces, the first time since 2009.
the Rise in oil prices maintains statistics about recovery in energy demand in the Asia-Pacific region and hopes for its growth in Europe. Significant support to quotations render an agreement to reduce oil production OPEC+ and acceding countries. By its terms, the parties must reduce production to 9.7 million barrels per day by the end of June this year. Another 1.18 million barrels per day of additional reductions are in Saudi Arabia, UAE and Kuwait. The expected decrease in the production of countries not officially joined OPEC+, but supported the reduction in production is estimated at 3-5 million barrels per day. According to the Ministry of energy of the Russian Federation taking into account transactions of OPEC, and the decline in other countries, the production of oil has decreased by 14-15 million barrels per day, and the remaining surplus of “black gold” in the world is estimated at 7-12 million barrels per day.
the oil reserves in the United States according to the energy information Administration (EIA) after a slight decline in the period from 6 to 20 may, last week grew by nearly 8 million barrels. In addition, negative pressure on the quotations continued to provide renewed tension between the US and China. For these reasons, experts do not expect that prices will continue to rise in the long term.