Brent oil price falls below $30 despite OPEC+ agreement

MOSCOW, Apr 14 (PRIME) -- The Brent oil price fell to U.S. $29.95 per barrel, below $30, where it has been trading for the past week supported by the new OPEC+ oil output reduction deal, and regained some ground to $30.04 as of 6.31 p.m. Moscow time, as seen by PRIME in the trading data on Tuesday.

The price of the WTI blend fell by 5.98% to $21.07 per barrel as of 6.31 p.m. Moscow time.

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.

Nevertheless, the market is worried about the balance of supply and demand, and the oil traders doubt that the OPEC+ agreement would be enough to balance it.

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