Brent futures on the London ICE Futures exchange were down $2.64 (3.56%) at $78.47 a barrel.
On the evening of June 3, oil prices for standard grades began to drop sharply. This is proven by trade data.
Brent futures on the London ICE Futures exchange were down $2.64 (3.25%) at $78.47 a barrel. Brent is trading at its lowest level since early February.
WTI futures for July on the New York Mercantile Exchange (NYMEX) fell in price by $2.67 (3.47%) to $74.32 per barrel.
As you know, last weekend OPEC+ extended the current production quotas for the whole of next year. At the same time, additional restrictions of 2.2 million b/d implemented in the first half of the year were extended until the end of September, after which they were withdrawn on a monthly basis throughout the year, although the process could be terminated or cancel depending on the market situation.
According to Goldman Sachs analysts, the OPEC+ decision has a negative impact on prices. At the same time, experts from UBS and RBC Capital Markets are confident that the group will be able to maintain control over the market.
It was earlier reported that the four-week average of oil exports from Russia fell, and supplies hit a two-month low ahead of the OPEC+ meeting.
We remind you that, according to media reports, oil production outside OPEC is growing. In Canada, production will increase to 3.8 million barrels per day in 2030, 3% more than forecast.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.