27.03.2020, 10:18
Brent Oil Price Falls Below $ 26 Per Barrel
Source: OREANDA-NEWS
OREANDA-NEWS. The price of Brent crude decreased by 2.81%, to $ 26.05 per barrel at 10:25 Moscow time, according to trading data on the London ICE. The minimum value during the day was $ 25.96.
Oil prices began to decline in early March after reports of the failure of the parties to the OPEC+ deal to agree on a new reduction in production. After that, Saudi Arabia announced oil discounts for buyers from Asia and the United States and plans to increase production to a record level of 12 million barrels per day.
The agreement on limiting production by OPEC+ alliance members will cease to be valid on April 1, after which the largest producers of raw materials will be able to increase production without restrictions.
Oil prices began to decline in early March after reports of the failure of the parties to the OPEC+ deal to agree on a new reduction in production. After that, Saudi Arabia announced oil discounts for buyers from Asia and the United States and plans to increase production to a record level of 12 million barrels per day.
The agreement on limiting production by OPEC+ alliance members will cease to be valid on April 1, after which the largest producers of raw materials will be able to increase production without restrictions.
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