At the opening of trading on April 6, the price for Brent crude futures fell by more than 9% to $31.16 per barrel.
This is evidenced by data from the ICE exchange in London.
WTI oil is also losing in price. By 01:10 Moscow time, futures are also cheaper by 9.5% – up to $25.88 per barrel.
On April 3, the price of Brent oil rose by 6.58% to $32.05 per barrel.
World oil prices collapsed on March 9 after reports of the termination of the OPEC + deal, which implies a reduction in oil production.
On April 1, the document ceased to be valid. At the same time, Saudi Arabia announced plans to increase production to 12 million barrels per day.
On April 2, Argus analytical Agency reported that the prices of Russian Urals oil in the last days of March showed negative values. This means that the extraction, transportation and payment of export duties have become more expensive than the raw materials themselves.
Alexander Novak, the head of the Russian Ministry of energy, spoke about the real cost of oil in Russia.