Brent crude rose above $86 for the first time since mid-April
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The cost of futures for Brent crude oil for October delivery exceeded $86 per barrel for the first time since April 17, 2023, according to data from the London ICE Exchange.
As of 18:43 Moscow time, the price of Brent rose to $86.14 (+1.17%). October futures for WTI crude oil cost $82.53 per barrel (+1.2%).
Earlier, analysts at Goldman Sachs predicted record demand in the oil market in the second half of 2023, which will lead to an increase in Brent crude oil prices to $86 per barrel.
On June 4, following a meeting of OPEC+ ministers, an agreement was reached to reduce the oil production quota from the current level by 1.6 million barrels per day (to 40.46 million barrels per day) from January 2024. Oil production in Russia will decrease by 650,000 bbl/d, Nigeria by 362,000 bbl/d, Angola by 175,000 bbl/d, etc.
The Monitoring Committee of Ministers of the OPEC+ countries did not make new recommendations earlier on August 4 on changing oil production quotas. The Committee acknowledged Saudi Arabia for voluntarily reducing oil production by 1 million barrels per day in September. The committee also thanked Russia for the additional reduction in exports in September. The next committee meeting is scheduled for October 4.
On August 3, Deputy Prime Minister Alexander Novak announced that Russia would extend the cut in oil exports to September by 300,000 barrels per day. In August, Russia should cut supplies by 500,000 barrels per day. In February 2023, Novak announced that Russia would voluntarily cut oil production in March by 500,000 barrels per day. In April, he specified that the voluntary cut in oil production would be extended until the end of 2023.
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