NOURNEWS- The value of the OPB oil basket fell by 48% in April for the fourth month in a row, the longest monthly decline in five years.
The OPB oil basket fell $ 16.26 in April, down 48 percent from a month earlier, to $ 17.66 a barrel, the lowest monthly record since December 2001. The value of OPEC's oil basket has reached $ 40.6 per barrel since the beginning of 2020, compared to $ 64.87 a barrel in the same period last year, down $ 21.81 from 33.6 percent.
Oil prices for immediate delivery in April continued to rise for the second time in a row as excess supply in the single cargo market continued to rise and unloaded cargoes fell as refineries were forced to downgrade due to declining demand and rising global oil reserves. submitted.
Oil prices fell sharply in April due to the sharp contraction of the global economy and demand for oil due to the outbreak of the Quaid 19 pandemic. Brent ICE oil fell 7 dollars and 10 cents, or 21 percent, to $ 26.63 a barrel, and West Texas Intermediate was down 13 cents, or 75 cents, or 45.2 percent at $ 16.2. And 70 cents per barrel. The average price of Brent ICE oil has fallen by $ 20.94, or 31.8 percent, since the beginning of 2020, to $ 44.84 a barrel. While the average price of West Texas Intermediate in the Niemex market has decreased by $ 18.78, or 32.8%, compared to the same period in 2019, it has reached $ 38.42 per barrel.
Oman's DME oil futures fell 10 cents, or 30 cents, or 30.1 percent, to $ 23.93 a barrel in April, and have fallen 21 cents, or 78 cents, or 33.2 percent since the beginning of 2020. It is priced at $ 43.85 per barrel.
According to OPEC's monthly report, oil prices remained volatile in April amid uncertainty over global demand for oil and rising crude oil reserves, as well as developments in global oil supply. Sharp fluctuations were reflected in the CBOE crude oil index, which hit a record high of 325 on April 21.
However, in late April, optimistic about the start of OPEC Plus supply restrictions from May 1 and expectations for accelerating the efforts of major manufacturers and signs of declining production in several countries such as the United States and Canada that will slow the growth of global supply surplus. Oil trading prices improved from a record low. In addition, US producers announced further production cuts in early May, while the number of US oil rigs dropped sharply in the week to May 1 for the seventh week in a row. At the same time, signs of improved economic activity in some countries, such as China, and the announcement of plans to lift restrictions on the fight against Quaid 19 in parts of the economies of many countries and the United States, added to support for oil prices.
According to secondary sources, OPEC oil production, which is made up of 13 member countries, reached 30.41 million barrels per day in April, up 1.80 million barrels per month. Oil production increased in Saudi Arabia, the United Arab Emirates and Kuwait, and decreased in Angola, Nigeria, Iran and Iraq.
ISNA
NOURNEWS