Brent oil rose above $87 a barrel for the first time since April
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The cost of a futures contract for Brent crude oil for October delivery during trading temporarily exceeded $87 per barrel for the first time since mid-April, according to data from the London ICE Exchange.
As of 13:36 Moscow time, the price of Brent rose to $87.04 per barrel, but then the price of oil dropped to $86.82 by 13:44 Moscow time.
At the same time, the October futures for WTI oil cost $82.89 per barrel, but at 13:36 its price exceeded $83 per barrel. The cost of the September futures at 10:35 Moscow time reached $83.87 per barrel.
Formerly US Department of Energy increased the average Brent oil price forecast for 2023 is from $79.34 per barrel to $82.62 (+4.1%) per barrel. In August, the agency expects an average price of $85 per barrel. The average price of WTI oil in 2023 will be $77.79 against $74.43 per barrel in the previous July forecast.
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.
On August 4, the monitoring committee of ministers of the OPEC+ countries held a meeting, following which it did not make new recommendations on changing oil production quotas. On the eve of the meeting, Saudi Arabia announced a decision to extend the voluntary cut in oil production by 1 million barrels per day until September. At the same time, Russian Deputy Prime Minister Alexander Novak announced that Russia would extend the reduction of oil exports to September by 300,000 barrels per day.
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