Business newsNews

The price of Brent oil fell below $31 per barrel

Advertisement

The price of Brent oil fell below $31 per barrel. This is evidenced by trading data on Monday, April 13 on the LONDON ice exchange.

By 11: 10 (Moscow time), the price of the June Brent oil futures fell to $30.93 per barrel. Later, by 11:28 (Moscow time), the price rose to $31.07 per barrel, which is 1.3% lower compared to the level at the close of previous trading. On the NYMEX exchange, the price of the may WTI oil futures by 11: 37 (Moscow time) was $22.25 per barrel.


On the eve of April 12, OPEC+ countries reached a final agreement to reduce oil production by 9.7 million barrels per day in may-June 2020.


Later, further reduction plans became known: in July-December 2020, there will be 7.7 million barrels per day, then-5.8 million b / d until the end of April 2022.

In early March, OPEC+ member countries failed to agree on global oil production volumes. Later, the media reported that Saudi Arabia plans to increase production to 10-12 million barrels per day and reduce the price of its oil. A few days later, the oil markets collapsed by 30%, the ruble exchange rate fell sharply against the Euro and the dollar, and shares of Russian companies lost significantly in price.

Advertisement
Advertisement
READ  Federation Council speaks about Trump's interest in a dialogue with Moscow

Admin

AJAYI Temitope Samuel, A blogger by profession for the past 8 years. He studied Political Science at the Ekiti State University, Ado Ekiti, Contact: +2348137451665 Twitter: @globalgistng1,

Leave a Reply

Your email address will not be published.

CommentLuv badge

Back to top button