the Price of Brent crude during trading on London exchange ICE rose above $41. This is evidenced by the trading platform on Friday, June 5.
according to TASS, last time the price of oil rose to this level on March 6.
as at 12.11 GMT, the August Brent futures showed an increase of more than 2.6% compared to the level of the previous session and reached the price of $41,14.
Oil prices began to rise after it became known earlier that two of the Ministerial meeting of OPEC countries and countries outside the organization, will be held for one day, Saturday, June 6. The Ministry of energy, in turn, confirmed the date of the meeting of OPEC+.
In March, world oil prices collapsed after participating countries transactions of OPEC and other major oil exporters are unable to agree on reducing oil production.
the Agreement reached on 12 April, it involves the reduction of oil production to 9.7 million barrels per day in may and June. From July to end of December, the reduction is expected to reach 7.7 million barrels per day, and from January 2021 to the end of April 2022 5.8 million barrels per day.
In December 2021 the parameters of the deal may be revised.