OPEC predicted the return of oil to USD 40 per barrel in the second half of 2020
OPEC believe that oil prices in the second half of 2020 will range around $40 per barrel. The Minister of energy of Algeria Mohamed Akrab said Algerian television. He is President of the OPEC conference until December 2020.
According to him, "markets have started to give positive signals" in the last few days after a significant decline a week earlier. According to the forecast, in may-June international prices on average will rise to $35 per barrel as a result of the implementation of the agreements OPEC++.
Akrab also noted that in addition to the decisions of OPEC++ recovery of prices will contribute to the results of the steps that have been taken in some countries, including in China and Europe.
OPEC+ in mid-April, agreed on may 1 to reduce oil production and to encourage the major manufacturers, not members of the Alliance, to ensure proportionate and timely contribution to the efforts aimed at stabilizing the oil market. Datum quota reduction - October 2018, with the exception of Russia and Saudi Arabia for which it will amount to 11 million barrels per day.
In the may-June decline in oil production by OPEC countries+ from this level will amount to 9.7 million b/d (23%), from July until the end of 2020, and 7.7 million b/d (18%), then, until may 2022 5.7 million b/d (14%).