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Prices for crude oil increased by one percent

21 May 2019

Prices for crude oil increased by one percent

Oil prices as of today grew by 1 % due to the decree of the acting Minister of energy of Saudi Arabia Khalid al-falih on the fact that they were able to reach consensus between the Organization of countries-exporters of oil and producers of raw materials, which officially still not included in the cartel. According to him, they avoid the limitations of the standard supply. He also said that his country will continue to be attentive to the needs of an unstable market, however, the need for careful inventory reduction of raw material remains relevant.


Thus OPEC together with the Russian Federation and other organizations not having membership in the Alliance, adopted an agreement to reduce production by nearly half a million barrels of daily allowance, starting from January and for six months thereafter. Through such measures, the countries plan to stop the growth of reserves and the concomitant drop in prices for products. With the beginning of the European session, WTI the United States of America available to trade with allowance of 63.73 USD per barrel. Global brand Brent also rose and reached a price of $73,19.