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Oil prices fall on news from OPEC +

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Benchmark crude prices declined in trading on Thursday after reports that the UAE reached a compromise with OPEC + countries, which will provide them with a new production quota. The UAE has reached a compromise with OPEC +, Bloomberg reported, citing sources. According to them, the country has agreed on a new baseline for production of 3.65 million b / d compared to the current 3.17 million b / d. The UAE will now support Saudi Arabia’s proposal to extend the OPEC + deal until the end of 2022, the source said. Also, a new date for the meeting of representatives of the OPEC + countries should be announced soon. If the parties can agree, then “fears of a full-scale battle” for a share of the oil market will disappear, said senior market analyst at The Price Futures Group Phil Flynn, quoted by MarketWatch. In the absence of a compromise, market participants feared the collapse of the deal, which would lead to the UAE and other OPEC + participants ceasing to comply with production restrictions. As reported, the UAE actually blocked the decision to increase oil production since August, demanding that it change the base for reducing production from 3.2 to 3.8 million b / d if the deal is extended after April 2022 for the entire next year. Saudi Arabia, in turn, stressed that the decision to extend the deal simultaneously with the approval of the increase in production from August is “a basic, not a secondary issue.” According to Flynn, even if the UAE is allowed to increase production, the increase in supply in the global market will still be minimal, given the current level of demand. Meanwhile, traders also analyzed the weekly US Department of Energy data on the country’s energy reserves, which came out on Wednesday with an hour’s delay due to a “technical issue.” US commercial oil reserves last week fell by 7.9 million barrels to 437.58 million barrels, according to a weekly report from the country’s energy ministry. Gasoline inventories rose 1.04 million barrels to 236.54 million barrels. Commercial stocks of distillates increased by 3.66 million barrels to 142.35 million barrels. Experts interviewed by Bloomberg expected a decrease in oil reserves by 4 million barrels, a decrease in gasoline inventories by 2 million barrels and an increase in distillate stocks by 1 million barrels. The decline in oil inventories was recorded for the eighth straight week, which was the longest period of their continuous decline since January 2018. The cost of September futures for Brent on the London stock exchange ICE Futures by 9:01 Moscow time on Thursday is $ 74.14 per barrel, which is $ 0.62 (0.83%) below the closing price of the previous session. As a result of trading on Wednesday, these contracts fell by $ 1.73 (2.3%) – to $ 74.76 per barrel. The price of futures for WTI for August at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time decreased by $ 0.64 (0.88%) – to $ 72.49 per barrel. The day before, the value of these contracts decreased by $ 2.12 (2.8%) – to $ 73.13 per barrel. Source: FINMARKET.RU

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