Brent oil exceeded $93 per barrel for the first time since November 2022
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The price of Brent oil exceeded $93/barrel. for the first time since November 16 last year, should from trading data on the London ICE exchange.
As of 17:50 Moscow time, the price of November futures for Brent rose by 1.79% to $93.53/barrel. The price of WTI oil in November is $90.04/barrel. (+1.72%), according to trading data.
Earlier on September 5, Deputy Prime Minister Alexander Novak announced that Russia would extend the voluntary reduction in oil production by 300,000 barrels per day until the end of December 2023. From March of this year until the end of 2024, the Russian Federation is also voluntarily reducing oil production by 500,000 barrels ./day. On the same day, Saudi Arabia announced the extension of its voluntary production cut by 1 million barrels per day for another three months, until the end of December 2023.
As Vedomosti previously wrote, the weighted average export price of Russian Urals oil in August 2023 increased by $9.3 compared to July of this year to $73.71 per barrel. And in the first week of September it surpassed $75/barrel. In August, Russia’s revenues from the export of oil and petroleum products reached $17.1 billion for the first time since October 2022, the International Energy Agency estimated. This came as total supply volumes fell by 150,000 bbl/d to 7.2 million bbl/d compared to July, but a 14% rise in the weighted average price supported the country’s revenues.
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