Brent oil price falls below $29 despite OPEC+ agreement

MOSCOW, Apr 15 (PRIME) -- The Brent oil price fell 1.66% to U.S. $29.12 per barrel as of 10:37 a.m. Moscow time on Wednesday, and reached $28.88 some minutes earlier for the first time since April 3, as seen by PRIME in the trading data.

The price of the WTI crude fell 0.1% to $20.09 per barrel.

On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.

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