The price of Brent oil fell below $79 per barrel – Kommersant
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The price of Brent oil on the London ICE exchange fell below $79 per barrel. It last traded at this level on November 22.
At 22:32, February Brent futures were priced at $78.8 per barrel. The price later adjusted to $79.02 (-2.3%). WTI fell 2.25% on the New York Mercantile Exchange to $74.25 per barrel.
Following the OPEC+ meeting on November 30, a number of producing countries agreed to further reduce their production in the first quarter of 2024 in order to anticipate a possible decline in oil prices due to a seasonal drop in demand. Six countries will reduce production by almost 700 thousand barrels per day, Russia will reduce the export of petroleum products by 200 thousand barrels per day. Under these conditions, Saudi Arabia agreed to extend its voluntary cut of 1 million barrels per day, which was due to expire at the end of the year, for another three months.
Read more in the Kommersant article. “Less is better”.
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