Fuel: Brent crude falls below $86 due to fears of declining demand

Big decline to its lowest levels in 35 days Its international price is recorded today oilThis is due to existing fears of a significant decline in demand, which a slowdown in the economy may bring. More specifically the price Brent it’s close At levels they were on August 30 When the rally began that took the price above $95 a barrel of Brent.

So it was found today Less than $86 per barrel With an intraday low of 85.61 dollar A decline of close to 6%. It should be noted that pressures were also observed in the previous days.

Analysts are noticing this The market will show strong fluctuations in the coming periodAs is usually observed Investec analyst Callum MacPherson “Market attention has shifted from focusing on short-term distress to the survival implications of bonds interest rates Higher levels for a longer period of time, the weak macroeconomic environment this entails, and how OPEC+ plans for it He took up this matter at its meeting on November 26».

OPEC+ production did not change

The day was preceded by an online meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ on Wednesday, which was held The organization’s production policy has not changed.

The Authority expressed its appreciation and full support for the efforts of its Kingdom Kingdom of Saudi Arabia Aim to support it Oil market stability It renewed its assessment of the Kingdom’s additional voluntary reduction of one million barrels per day and its extension until the end of December 2023. The committee also acknowledged the Russian Federation To extend its additional voluntary reduction in exports by 300,000 barrels per day until the end of December 2023,” the announcement says.

Markets are moving in the “right direction”

Saudi Ministry of Energy It confirmed that it would continue to voluntarily reduce crude supplies by one million barrels per day until the end of this year.

Oil markets Kuwait News Agency (KUNA) quoted Kuwaiti Oil Minister Saad Al-Barrak as saying that oil is moving in the “right direction” by achieving a balance between supply and demand.

Russian Deputy Prime Minister Alexander Novak He said that the joint voluntary cuts of Russia and Saudi Arabia helped balance the oil markets. Novak also expressed his satisfaction with the positive impact it had on the local market Ban on the export of diesel and gasoline from the Kremlin.

Kommersant reported earlier today Russia could be ready to relax Diesel ban in the coming days, citing unspecified sources.

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