Brent Crude Oil Price OutlookBrent crude oil prices continued to climb in February on OPEC+ supply cuts. On 8 February, oil prices traded at USD 61.4 per barrel, which was up 7.8% from the same day last month. Although the benchmark price for global crude oil markets was down 4.5% from the same day last year, it was 21.4% higher on a year-to-date basis. Oil prices continued to climb in recent weeks amid signs that the oil cap deal signed by OPEC and Russia is gradually tightening global oil output. According to a recent survey, OPEC’s combined oil production declined by around 890,000 barrels per day in January from December, which would have represented the largest monthly drop since January 2017. Therefore, the cartel has reached almost three quarters of its target to reduce production by 800,000 (bpd) from October’s level. Along with some OPEC members displaying a strong commitment to the production cuts, the reduction also reflected supply disruptions in Libya, sanctions restraining Iran’s oil exports and the dire state of Venezuela’s oil industry. Russia, however, is lagging behind its OPEC allies and reduced output only marginally in January. This was countered by Russian officials, who stated that this was due to technical limitations and that its adjustment would be more gradual.
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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