Oil prices fell below $ 75 per barrel because of uncertainty around the OPEC + deal
If the OPEC + oil deal does not take place, prices will collapse altogether. This is how former US Energy Secretary Danny Ray Brouillette commented for CNBC on the current uncertainty in world oil markets.
If there is no agreement on production, and the countries begin to act in their own way or engage in their own production, you can get a collapse in oil prices, “the ex-minister said.
Everyone will see how governments are pushing the EV industry more and see the impact of that on demand, he said.
Since last week, within the framework of OPEC +, the participants failed to agree on new quotas for oil production three times starting from August 1, 2021.
In turn, during a briefing yesterday, White House spokesman Jen Psaki said that last weekend and this week, the United States held a series of high-level consultations with representatives of Saudi Arabia, the UAE and other relevant partners.
“The United States is encouraged by the progress in the negotiations and is counting on the cartel and its partners to ensure reliable energy supplies at affordable prices,” Psaki said.
Meanwhile, world oil prices went down yesterday evening amid growing concerns about the fate of the OPEC + deal, and the price of Brent dropped below $ 75 per barrel, according to trading data.
As a result of futures trading on July 6 on the London Mercantile Exchange ICE, Brent crude oil fell 2.67% compared with the previous trading, amounting to $ 74.78 per barrel.