The price of Brent exceeded $91 per barrel for the first time since November 2022 – Kommersant
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The price of Brent oil on the London Stock Exchange ICE for the first time since November 17, 2022, it exceeded $91 per barrel. As of 18:42 Moscow time, the November Brent futures price was $91.03 per barrel, which is 2.28% higher than at the beginning of trading.
Earlier today, September 5, the price of Brent started sharply grow against the background of the decision of Saudi Arabia and Russia extend oil export restrictions. Riyadh announced that it will keep reducing oil exports to 1 million barrels per day until the end of this year. A little later, the Russian Federation announced that it would extend the reduction in oil supplies to world markets by 300 thousand barrels per day until the end of 2023.
So far, the reduction in exports has allowed domestic companies to reduce Urals’ discounts to Brent and has increased the cost of Russian raw materials to more than $70 per barrel.
Read more in the material “Kommersant” “Compound Sentence”.
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