On Thursday the international oil prices in Europe market vibrate before OPEC meeting about extending the international production decreasing deal for re-balancing the market, and the prices recorded in the past the highest level in five weeks after the decreasing in American stocks to the lowest level in four months according to the data of American energy information management.
At 9:20 GMT the American crude is trading at the level 51.25 USD for the barrel from the opening level 51.25 USD and record the highest level 51.98 USD since 19 of April and the lowest level 50.26 USD.
And the Brent crude is trading at the level 53.85 USD for the barrel from the opening level 53.90 USD and record the highest level 54.64 USD since 19 of April, and the lowest level 52.92 USD.
The American crude has ended yesterday trading “June delivery” with a decreasing by 0.4%, in the first loss during six days, and Brent contracts have back down by 0.5%, because of oil production increasing in the United States.
On Thursday The oil exports Countries “OPEC” are meeting in Vienna on the ministerial level to discuss the extending of the international production decreasing deal for a new period of time after it gets closer to the next June.
OPEC and the independent producers were making an international deal in the last December about decreasing the international production by 1.8 million barrels for six months starting in January and ended in June.
With the hardness of achieving the balance in the market under the acceleration in oil shales production in the United States to it highest level in twos years, and the continues of international crude stocks to the highest average of five years, OPEC and independent producers are getting forward to extending the deal for a new period of time.
And for sure OPEC will agree about the evaluated suggested from the Russian and KSA about extending the deal of decreasing the production decreasing for another nine months ended in March 2018, especially after almost organization members and another producer are welcoming of this suggestion.
And an issued report from the international organization said that there’s a commissioner from OPEC members recommended by extending the decreasing for another nine months.
And the Russian energy minister “Alexander Novak” said that the commissioner meeting on Wednesday agreed about controlling the market and taking any additional procedures if that was necessary, and Novak added that the extending nine months period will discuss in OPEC meeting with adding another three months.
The American energy information management issued yesterday about a decreasing in crude stocks in the country by 4.4 million barrels, for the week which ended in 19 of May, in the seventh weekly decreasing respectively.
According to this data, the total stocks has achieved to the 547 million barrels, and that’s the lowest level since the week which ended in the last February, in a positive mark for improvement the demand levels of the biggest oil consumer in the world.
And about the American oil production has increased last week by 15 thousand barrels daily to the total 9.32 million barrels daily, and that’s the highest production level since August 2015.