Brent rises to $77.03 per barrel after OPEC + decision to cut production
[ad_1]
The cost of oil on the world market is growing after the decision of the member countries of OPEC + from 2024 to cut production by another 1.4 million barrels per day. According to trading data, the price of August futures for Brent crude as of 8:50 Moscow time is growing by 1.18%, to $77.03 per barrel, July futures for West Texas Intermediate (WTI) are rising in price by 1.16%, to $72 .57 per barrel.
On June 4, OPEC officially reportedthat OPEC+ has agreed to adjust overall oil production to 40.46 million barrels per day from 2024. The deal itself was extended until 2025 (the term expired at the end of 2023).
Russia’s formal quota will be reduced by 650,000 barrels per day to 9.8 million barrels per day. The voluntary cut of 500,000 barrels per day is maintained. As a result, the real production of the Russian Federation next year should decrease to 9.3 million barrels per day against about 9.9 million barrels per day in 2022 (without condensate). The 36th OPEC+ Ministerial Meeting is scheduled for November 26, 2023 in Vienna.
More details – in the material “Kommersant” “Quot a new turn”.
[ad_2]
Source link
