Brent Crude Oil Price OutlookBrent crude oil prices continued to rally in the opening days of March as oil production cuts by OPEC+ gradually tighten global oil markets. On 8 March, oil prices traded at USD 64.8 per barrel, which was 5.0% higher than on the same day last month. The benchmark price for global crude oil markets was 1.5% higher than on the same day last year and it was up 28.2% on a year-to-date basis. The cut to oil production implemented by OEPC and other key producers, namely Russia, continues to drive developments in the oil market. According to the cartel’s latest report, OPEC has almost delivered its part of the oil cut deal, with a reduction of 797,000 barrels per day, just a notch below the pledged adjustment of 812,000 barrels per day for the January–June period. Russia, however, is lagging behind its peers, which has drawn criticism from Saudi Arabia’s Energy Minister Khalid al-Falih. Moreover, hopes that China and the United States are close to reaching a trade deal, which would remove one of the main risks to the global economic outlook, are supporting oil prices from the demand side. President Trump is exerting pressure on OPEC countries to increase oil production and send prices down. For now, Saudi Arabia has promised to stick to the deal and even extend the oil cuts beyond the June deadline. Furthermore, it is not yet clear if the United States will extend section waivers on oil imports from Iran due in May.
Brent Crude Oil Price History Data (USD per barrel, aop)
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Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Brent Crude Oil Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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