They plummeted in April into negative territory, despite a deal days earlier by OPEC and the other oil producing nations for deep cuts in their May and June production, as demand collapsed and the world ran out of places to put all the oil the industry was pumping out.
"The planned easing of OPEC+ production cuts next month and a potential rebound in USA production could add pressure on the supply side of the equation", Stephen Innes, chief global markets strategist at AxiCorp warned in a note. In the case of Iran, exports fell from 60.519 billion dollars in 2018 to almost 19.233 billion in 2019, a 68 percent decline, the survey noted. Underneath a Saudi proposal, the so-named OPEC Additionally coalition would take it easy its existing curbs by 2 million barrels a day to 7.7 million barrels a day, the delegates explained.
Brent crude was down by 25 cents, or 0.6 per cent, at $42.10 a barrel by 0341 GMT, after falling more than two per cent on Thursday.
Slumping demand for oil has proved hugely costly for Saudi Arabia, which largely depends on oil to fund its state. "Global oil demand is now expected to come close to pre-coronavirus levels only in the second half of 2021".
In the futures market, crude oil for July delivery touched an intraday high of Rs 2,995 and an intraday low of Rs 2,944 per barrel on the Multi-Commodity Exchange (MCX).
"OPEC sees 2021 oil demand recovering to grow by an all-time high of 7 million bpd".
Body found at lake during search for ‘Glee’ actress Naya Rivera
As the search continues it's hoped a witness can provide clues as to what happened in the lead-up to her presumed drowning. Prior to her death, costar Amber Riley addressed criticism that she and other " Glee " alums were silent on social media.
Analysts predict major producers will agree to ease supply cuts that were imposed in April to prop up prices.
The Opec+ producer alliance, led by its biggest producers Saudi Arabia and Russian Federation, is likely to consider increasing output at the group's ministerial monitoring committee meeting on Wednesday.
Citing statistics, on Friday's commodity market closure, United Kingdom crude settled down 2 per cent higher to $43.24 per barrel, while the US West Texas Intermediate crude futures surged 2.4 per cent to $40.55 a barrel.
In a phone conversation with Saudi Arabia's energy minister Prince Abdulaziz bin Salman, Nigeria's minister of state for petroleum resources, Timipre Sylva said the West African producer had not yet met the terms of the agreement, according to a joint statement carried by the Saudi Press Agency. OPEC has chose to revise its previous demand outlook by 0.1 million barrels per day (bpd) to a decline of 8.9 million bpd.
Meanwhile, the monthly report contained some encouraging aspects as the agency revised up its 2020 demand forecast to 92.1 million barrels per day, citing a smaller-than-expected decline in the second quarter.