Oil has fallen in price more than 5% per day

World oil prices on Friday during the afternoon fell by more than 5%: Brent oil pierced the level of $ 48 per barrel for the first time in several years, follows from trading data.

As of 14.15 Moscow time, the price of oil Brent (futures for May 2020) was $ 47.7 per barrel. The minimum value today was $ 47.02. The last time such indicators were in July 2017.

Oil quotes Brent

One of the reasons for such a sharp drop in oil prices may be the suspended state of the OPEC+transaction. Yesterday, OPEC approved a record reduction in production (additionally by 1.5 million barrels per day): all OPEC participants except Russia voted for the agreement, the representative of which Alexander Novak left negotiations the day before and must report on the decision today.

As Reuters became known , the Russian authorities will not change their position and will not go to an additional reduction in oil production: they will only offer to extend the current restrictions.

Now there is a restriction of 2.1 million barrels per day as part of the OPEC+transaction, the validity of which expires in March. If new OPEC offers are adopted, the total reduction in hydrocarbon production will reach 3.6 million barrels per day. In November 2019, OPEC countries mined 29.5 million b/s.