Translated material
Brent oil fell below $75
The price of Brent oil fell below $75 per barrel in ICE electronic trading. This is how the market reacted to OPEC’s decision not to reduce oil production due to falling oil prices.
On November 27, the price of Brent fluctuated around $76-77. Immediately after the announcement of OPEC’s decision, the price fell to 74.52 and began to fluctuate around the $75 mark. Brent oil has not been this cheap since September 2010.
- The price of crude oil has fallen 32% this year.
- The Russian budget includes an average annual price of $100 for Urals oil, which is cheaper than Brent.
- Most of the Russian budget revenues come from the export of hydrocarbons. Russian President Vladimir Putin said that Russia is ready for a “catastrophic fall” in oil prices.
- How do oil prices affect our lives? — “Medusa” card