As the Union of Oil Importers of Georgia reports, on August 19, 2020, on the leading oil exchanges in London and New York, oil prices changed in the opposite direction.
The price of Brent crude oil on InterContinental Exchange Futures Europe (ICE Futures Europe) in London totaled 45.37 (- 0.09) dollars per barrel.
At York Mercantile Exchange (NYMEX), the price for Light Sweet Crude Oil equaled $42.93 (+0.04) per barrel.
Simultaneously, following the Union of Oil Importers, the OPEC + Ministerial monitoring Committee held a meeting yesterday and noted that the oil market situation is gradually improving.
Improvements were observed against the backdrop of a decrease in inventories, demand, and petroleum product delivery.
"However, the rate of market recovery was slower than expected due to the growing risk of a second wave of COVID-19," the committee said in a document.
The Monitoring Committee recommended that countries ineffectively fulfill the OPEC + agreement to compensate for the decrease in oil production by 2.3 million barrels per day in the period from August to September, which has accumulated since May.
The OPEC + technical committee will hold the next meeting on September 16, 2020, with the Ministerial Monitoring Committee planning to hold a session on September 17.
Маri Chitaia
News Author