US, WASHINGTON (ORDO NEWS) — The price of Brent crude oil for the first time since November 2002 fell below $ 23 per barrel, according to trading data.
As of 10:53 UTC, the price of May futures for the North Sea mixture fell by 8.54%, to 22.79 dollars, June – by 5.94%, to 26.29 dollars.
The cost of May futures for WTI decreased by 5.76%, to $ 20.27 per barrel. Earlier Monday, WTI dropped below $ 20 for the first time since 2002.
At the beginning of March, the OPEC + countries failed to come to an agreement either to change the parameters of the agreement to reduce oil production, or to extend it. Riyadh insisted on an additional reduction in production, but this did not suit Moscow, which proposed to maintain the current conditions.
As a result, from April 1, participants in the OPEC + transaction will not have any obligations to each other. After that, the Saudis announced that they would increase production, lower prices and offer large volumes of discounts to European customers.
This led to the collapse of oil quotes in world markets. Since the beginning of the year, prices have fallen more than twice.
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