Brent oil price fell below $83 per barrel for the first time since August
[ad_1]
The price of Brent oil fell below $83 per barrel. This is evidenced by trading data on the London ICE exchange.
The mark is trading below $83 per barrel for the first time since August 25. By 18:23 Moscow time, the price of January futures for Brent was $82.89 per barrel (-2.68%). The mark reached its minimum value on November 7 at 18:01 Moscow time – $82.6 per barrel. However, by 18:19 Moscow time the price of Brent reached $83 per barrel.
At the same time, WTI futures for December are trading at $78.6 per barrel (-2.68%). As of 18:01 Moscow time, the price of WTI was $78.37 per barrel.
November 5, Deputy Prime Minister of the Russian Federation Alexander Novak reportedthat Russia will continue to reduce supplies of oil and petroleum products to world markets by 300,000 barrels per day until the end of the year. In December, a market analysis will be carried out to make a decision on whether to deepen the reduction or increase oil production, he added.
From March 2023 until the end of 2024, the Russian Federation is also voluntarily reducing oil production by 500,000 barrels per day. In addition, in August Russia decided to reduce exports by 500,000 barrels per day, and in September – by 300,000 barrels per day. This reduction does not apply to agreements under the OPEC+ deal.
Eight more OPEC+ countries, including Saudi Arabia, have joined the voluntary reduction in oil production. The Kingdom reduced oil production by 500,000 barrels per day from May 1, and by another 1 million barrels per day from July until the end of the year.
[ad_2]
Source link
