Thursday , January 28 2021

The price of Brent crude fell to its lowest since February, WTI – to a record for 2018



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Investors monitor the situation in OPEC and Trump's statement

Photo: Pixabay

Photo: Pixabay

Reference oil prices collapse on the basis of trading on Tuesday and Wednesday, November 14, continuing to fall. The one barrel Brent price for the first time since February 2018 has fallen below $ 66, WTI prices have broken the annual record of cheapness.

The January futures for North Sea oil mix mark Brent at 9am Kiev time to 65.34 dollars a barrel.

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The price of WTI crude oil fell to 55.49 dollars per barrel – the minimum for 2018.

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The day before, US President Donald Trump criticized the intention of OPEC countries to cut production next year. This led to a sharp decline in oil prices after the OPEC committee meeting in Abu Dhabi. At the meeting, the parties did not agree whether OPEC + countries had to reduce production in the new year.

"I hope Saudi Arabia and OPEC will not reduce production. Oil prices must be much lower, given the level of reserves," – write Trump on Twitter.

Earlier, Saudi Arabia's Energy Minister, Khalid al-Falih, noted that OPEC + countries would reduce production if there was a sustainable oil surplus in the market. According to him, production in the US exceeds expectations.

Meanwhile, the head of the International Energy Agency (IEA), Fatih Birol, pointed out that oil producers showed a responsible approach, increasing production, and it would be wrong now to change the strategy to raise prices. According to him, oil companies must invest in production, "it's not too late."

Recall that the fall of the oil market was caused by concerns about excess fuel supply after the US made an exception and allowing a number of countries to buy oil from Iran after the enactment of sanctions against this country. In response, the OPEC + monitoring committee discussed the possibility of renewing production restrictions in 2019, but disapproved of anything.

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