Saudi Arabia and Russia, members of OPEC+, agreed to maintain the voluntary cut in oil production this November 30. However, the measure could not contain the price drop by 2.8 %, to settle at $82.59 per barrel.

The decline in the value of the barrel “occurred a day after several members of the OPEC+ alliance (OPEC and allies), including Saudi Arabia and Russia, announced, at the end of a teleconference, new voluntary cuts in their supplies for the first quarter of 2024.”

The outlook for the oil market casts uncertainty because not all partners participate in the agreed reductions and those “announced by Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman” are not mandatory, but voluntary.

One day after the OPEC+ meeting, on Friday, December 1, Brent Crude and Texas intermediate oil (WTI), which are the benchmarks in Europe and the United States, suffered falls of 4.7 % and 2.5 % respectively. For this Monday, December 4, the downward trend continued, around 78.4 and 73.5 dollars/barrel.

M.Pino

Source: bancaynegocios

(Reference image source: Patrick Hendry, Unsplash)

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