The price of Brent oil exceeded $94 per barrel for the first time since the fall of 2022
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The price of Brent oil exceeded $94 per barrel for the first time since November 16 last year. should from trading data on the London ICE exchange.
The price of November Brent futures was $94.02/barrel. at 23:24 Moscow time. The price of WTI oil in October is $90.6/barrel. (an increase of 1.87%).
Earlier today, Brent also surpassed last year’s levels, exceeding $93/bbl. for the first time since November.
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. On the same day, Saudi Arabia announced the extension of the voluntary reduction in oil production by 1 million barrels per day for another three months – until the end of December 2023
Russia is voluntarily reducing oil production from March this year until the end of 2024. Previously, it was announced about 500,000 barrels per day.
How stated managing expert of the PSB Analytics and Expertise Center, Ekaterina Krylova, in an interview with Vedomosti, commenting on Russia’s August contraction, the continued decline in oil supplies from Russia and the emerging shortage of raw materials in the world will contribute to further growth in quotations.
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