Brent Crude Jumps Over $43 per Barrel for First Time Since March

The price for Brent crude futures for August 2020 supply at London’s ICE exchange has risen by 1.7% to reach $43.02 be the end of the session, the trading data at 01:58 Moscow time shows, TASS informs.

The last time the Brent crude traded above $43 per barrel was on March 6, 2020. WTI crude also improved positions, trading at $40.22, a 1.7% increase.

OPEC+ ministers on June 6 had a video conference to extend the oil cuts for another month until the end of July. In spite of the unprecedented restrictions, Russia and Saudi Arabia insisted that all members of the club strictly adhere to the deal conditions.

Some member countries that failed to reach full conformity with their production cut quotas in May and June will have to accommodate their curbs in July, August and September under the latest arrangement.

The energy minister of OPEC’s de facto leader Saudi Arabia, Abdulaziz bin Salman, and the energy minister of non-OPEC, Russia’s Energy Minister Alexander Novak and OPEC Secretary-General Mohammad Barkindo will hold a virtual press conference on Monday at 1000 GMT, Anadolu Agency writes.

Libya’s El-Sharara oilfield, the country’s largest, resumed production on Sunday, the National Oil Corporation (NOC) said. Initial production with a capacity of 30,000 barrels per day (bpd) will start but full production is anticipated within 90 days.

The El-Sharara oilfield produces more than 300,000 bpd of crude oil, forming roughly one-third of the oil-rich country’s production.

In the US, the oil rig count has declined for the twelfth consecutive week, according to the latest data released by oilfield services company Baker Hughes on Saturday. The number of oil rigs, an indicator of short-term production in the country, fell by 16 to reach 206 for the week ending June 5, from 222 the previous week.

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