The price of oil WTI for the first time since December 2015 exceeded $ 39 dollars per barrel. As of 18:15 Moscow time a barrel of Texas crude oil was worth 39,02 dollar. This is evidenced by new York Mercantile exchange.
Benchmark Brent crude on London exchange ICE is trading around the level of 40,69 per barrel (plus 1.7% compared to close of trading on March 10).
Earlier the International energy Agency (IEA) reported that demand growth for hydrocarbons in 2016 by 200 thousand barrels a day to 95.8 million barrels. The Agency also said that oil production in countries outside OPEC, declined in February by 90 thousand barrels per day and amounted to $ 32,61 million barrels.
February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria.
Russia itself has increased in February oil production by 5.3 percent compared to the same period last year. Total for the month was produced by 43.1 million tons. Deputy Prime Minister Arkady Dvorkovich explained that oil production in Russia will grow, despite the agreement on freezing of production. “The agreement (with the OPEC countries — approx. “The tape.ru”) fixes the production at the level of January 2016. This level is higher than in 2015. So, in 2016 compared to 2015, despite the agreement, the us production will increase and not decrease. This is arithmetic. Forecast level of 1.5 percent,” said the official.