Brent oil prices fall to $80.6 per barrel

Prices for benchmark oil fell on December 1 morning after a sharp decline at the end of yesterday’s session; investors continue to evaluate the results of the meeting of OPEC+ ministers that took place on November 30, Report informs referring to Interfax.

The price of February futures for Brent on the London ICE Futures exchange amounted to $80.63 per barrel, which is 23 cents lower than the closing price of the previous session. The day before, these contracts fell in price by $2.02 (2.4%), to $80.86 per barrel.

Quotes of WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by 4 cents and amounted to $75.92 per barrel. At the end of the last session, they fell by $1.9 (2.4%) to $75.96 per barrel.

OPEC+ didn’t change official quotas following the meeting that ended on November 30, while individual countries of the group will voluntarily reduce production by 2.2 million barrels per day (b/d) in the first quarter of 2024. Saudi Arabia will reduce production by 1 million b/d, Iraq by 223,000 b/d, the UAE by 163,000 b/d, Kuwait by 135,000 b/d, Kazakhstan by 82,000 b/d, Algeria by 51,000 b/d, Oman by 42,000 b/d.