Oil prices falling to record levels

Oil prices falling to record levels
Oil prices falling to record levels

For the first time since October, the price of Brent crude oil on the world market dropped to $ 78 per barrel.

Brent oil futures for January delivery fell by 0.2% to $ 78.74 a barrel.

Meanwhile, WTI January futures fell by 0.04% to $ 75.91 a barrel.

Last week, the value of Brent fell by a total of 3.6%, while WTI fell by 5.8%.

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, 2021, unanimously decided to follow the plan and not to increase oil production more than planned.

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