World oil prices on Wednesday, May 10, are growing on the data of the American Petroleum Institute (API) on US stocks and reports of Saudi Arabian State Oil Company Saudi Arabian Oil Co. (Saudi Aramco) on the reduction of oil supplies to Asia in June, according to trade data.
As of 8:27, the price of July futures for the North Sea oil blend of Brent brand grew by 0.51% - to $ 48.98 per barrel. The price of June futures for WTI crude oil increased by 063% - to 46.83 dollars per barrel.
On the eve of Tuesday, May 9, Reuters reported with reference to a source that Saudi Aramco will reduce oil supplies to Asia by approximately seven million barrels in June.
"When OPEC announced a reduction in production, Saudi Arabia quickly informed its customers in Europe and the United States that they would receive less raw materials," the agency noted..
In Saudi Arabia for June, peak electricity consumption by the population of the country. Due to high temperatures, consumers actively use air conditioners in homes and offices, which leads to an increase. Domestic raw materials consumption.
"This year, most likely, there will be an earlier surge in demand, as the month of Ramadan begins earlier in the Muslim month, from the end of May. Traditional large dinners with family and friends, as a rule, create a surge in demand for electricity. As a result, Asia in June will also face more serious cutbacks from the world's largest oil exporter, "the agency said..
In addition, the rise in price of oil is also supported by API data. According to the report of the department, oil reserves in the US for the working week, ended May 5, fell by 5.789 million barrels. At the same time, analysts had expected a decline of only 1.8 million barrels. During the same period, gasoline stocks rose by 3.169 million barrels, although experts expected a decrease of 700 thousand barrels. Distillate stocks fell by 1.174 million barrels, and stocks at the largest US terminal in Cushing - by 133 thousand barrels.
OPEC countries agreed on reducing oil production after a year of disputes. From January 1, 2017, they will reduce oil production by 1.2 million barrels a day - up to 32.5 million. At the same time, the agreement presupposes participation of countries outside the cartel. It is designed for six months with the possibility of extending for another six months.
Meanwhile, countries that are not part of OPEC agreed to cut oil production by 600,000 barrels per day. It was reported that half of this amount falls to Russia.