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the Price of standard grade Brent crude oil reached $ 40 a barrel for the first time since March 6 of this year when in Vienna failed negotiations of the Ministerial Committee of OPEC, which led to the collapse of the first deal to reduce output. This was followed by the collapse of oil prices to 20 dollars per barrel, due to record demand reduction on the background of the quarantine restrictions in the world by the pandemic coronavirus, and unregulated increase of oil production in the Middle East.

oil Prices have moved to increase only in may, when launched the new deal OPEC+, and gradually began to recover, demand for raw materials. Now quotes of the barrel, supported by hopes for a favorable outcome of the nearest meeting of Ministers of member countries of OPEC, which is scheduled for June 9-10, but can go earlier on 4 June, if all parties agree to a postponement of the date of the meeting. It is expected a decision will be made on the extension of the current level of reduction of oil production by all parties to the transaction at 9.7 million barrels per day for a period of 3 to 6 months.

a Major negative factor, able to turn quotes the “black gold” to fall, is the danger of a second wave of the epidemic coronavirus that might lead to a resumption of strict quarantine restrictions. There are also geopolitical risks associated with a new round of confrontation between the two largest oil consumers in the world – the USA and China.