Oil prices amid uncertainty with a total volume reduction of oil production by OPEC after the transaction+ started a new collapse. As of 11:52 the price of Brent crude fell by almost 4 per cent to 28.5 per barrel, according to data the London exchange ICE.
According to experts, the pandemic coronavirus supply exceeds demand 25 million barrels per day.
While OPEC may+ removes from the market only 9.7 million barrels. Additionally, Saudi Arabia, United Arab Emirates (UAE) and Kuwait have decided to limit production by another 2 million.
the Lack of accurate data on the reduction of production from countries outside OPEC+, first USA, allows the market to predict the situation. Moreover, traders do not exclude that in the coming weeks, all storage of raw materials in the world, including tankers, will be filled, and to keep the oil will be nowhere.
the energy Minister of Saudi Arabia Prince Abdul Aziz bin Salman expects that soon the decline in oil production will reach more than 20 million barrels, but only due to natural causes.
