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On Monday a report appeared, according to which, in 2019, OPEC countries' revenues from oil exports decreased for the first time since 2014 and amounted to $ 564.9 billion.

For the year the revenues fell by 18% (from $ 692.3 billion in 2018). The largest oil exporter Saudi Arabia in 2019 earned $ 202.4 billion, Iraq - $ 80 billion, Kuwait - $ 52.4 billion. In 2019 the cartel countries exported an average of 22.47 million b / d of oil against 24.3 million b / d a year earlier. The volume of proven oil reserves in the world in 2019 increased by 3.6% - up to 1.55 trillion barrels, of which 1.23 trillion barrels are in OPEC countries. In June world oil supplies fell to a nine-year low.

The main topic of the week was the meeting of the OPEC + committees: the OPEC + technical committee of experts (JTC) and the ministerial monitoring committee (JMMC). PVM oil broker Stephen Brennock suggested in an interview with Reuters that confidence in the potential rise in oil prices will not be until the situation with the coronavirus is brought under control.

As a result, the joint OPEC + monitoring committee at the ministerial level agreed to weaken the maximum quotas that had been in effect for three months and increase oil production. Saudi Arabian Energy Minister Abdel Aziz bin Salman stated this at a press conference after the meeting. It also agreed to tighten quotas for a number of countries that did not fulfill the parameters of the agreement in previous months. The overall decline in production will turn out to be slightly larger than expected. Instead of the 7.7 million barrels prescribed in the agreement (currently 9.7 million) the decrease will be 8.2 million, bin Salman pointed out. At the same time he added that the figures have been approved so far without taking into account the problems with the execution of the transaction in June. It is assumed that a new level of restrictions will be valid until the end of the year and then, until May 2022, the aggregate quotas will drop to 5.8 million barrels. The decision was expected, so oil quotes did not react with significant movements.

Most experts expressed the opinion that the decision will stabilize oil prices at $ 40-50 per barrel. In their opinion the transition to softened quotas is justified. The demand for petroleum products in the world is growing.

However, the week ended with a slight drop in oil prices. The price of September futures for the North Sea Brent crude oil mixture fell by 0.32% to $ 43.23 per barrel. August futures for WTI crude oil fell 0.1% to $ 40.71 per barrel. The main reason was the continued spread of the coronavirus, which creates risks for the development of the economy as well as for the demand for oil. Meanwhile, the oil and gas company Baker Hughes has published weekly data, according to which for the week ended July 17, the number of active oil rigs in the United States decreased by one piece, to 180 units. This marked the 18th consecutive decline.

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