Baku, Azerbaijan, June 20
By Leman Zeynalova – Trend:
World oil prices are changing differently on June 20 amid the concerns over implementation of the oil output cut deal reached by OPEC and some non-OPEC countries.
The price for August futures of Brent crude oil has increased by 0.11 percent to $46.96 per barrel as of 06:19 (GMT +4).
This is while the price for July futures of West Texas Intermediate (WTI) has dropped by 0.07 percent and stood at $44.17 per barrel.
Earlier, OPEC said in its June Oil Market Report that demand for OPEC crude in 2017 was revised up by 0.1 million barrels per day from the previous month.
Demand for OPEC crude this year is projected to increase by 0.3 million barrels per day to average 32 million barrels per day.
The forecasts for increasing oil demand undermine OPEC efforts to cut the production.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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