Brent oil price dropped below $85 per barrel
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The price of Brent oil has dropped below $85 per barrel, according to trading data on the London ICE exchange.
As of 18:54 Moscow time, the price of December Brent futures was $84.17 per barrel (-1.9%) for the first time since August 28.
The price of WTI oil for delivery in November as of 18:52 Moscow time fell by 1.92% to $82.6 per barrel for the first time since the end of August.
In September, Brent oil prices reached their highest levels since November 2022. The price has been declining over the past few days. Bloomberg writesthat the price of oil continues to fall on fears that slowing global growth will undermine consumption.
On October 3, Russian Deputy Prime Minister Alexander Novak said that the price restrictions on Russian oil introduced by the G7 countries and the EU turned out to be ineffective; its cost now exceeds the ceiling of $60/barrel. “Today we see that Brent prices have increased, the discount has decreased and our products are sold at market prices – above the ceiling,” – said He.
On September 5, Novak announced that Russia would extend its voluntary reduction in oil production by 300,000 barrels per day until the end of December 2023. On the same day, Saudi Arabia announced the extension of its voluntary production reduction by 1 million barrels per day for another three months – until end of December 2023. The measure is in addition to Russia’s previously announced voluntary reduction in oil production by 500,000 barrels per day, which will remain in effect until the end of 2024.
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