Due to the increased amount of raw materials on the world market, oil prices fell during the last trading day.
Brent oil futures for January delivery fell by 0.39% to $ 79.97 a barrel.
Meanwhile, WTI January futures fell by 0.66% to $ 77.03 a barrel.
The price of oil on the world market has been falling for two days in a row. For the first time since October 7, the price of a barrel has dropped below $ 80.
The U.S. has asked several Asian countries to release strategic oil supplies to pressure OPEC and achieve price cuts. The Biden administration has appealed to large consumers - Japan, South Korea, India, and China.
Due to the declining demand for oil caused by the coronavirus pandemic, OPEC + has reduced production by 9.7 million barrels per day since May last year.
With the stabilization of the situation, oil production has more or less resumed. From August 2021, the Alliance increased oil production by 400 thousand barrels per month.
Since then, the organization's member states have met every month and discussed the production plan for the coming month.
The OPEC + ministers, at a meeting on November 4 this year, unanimously decided to follow the plan and not to increase oil production more than planned.
