Oil prices fell after Russia's OPEC+ proposal

On December 2, Brent oil quotes briefly fell from $69 to $66 per barrel on the news following the OPEC+ meeting. The organization will accept Russia's offer to continue the planned recovery of production by 400,000 b/d in January.

OPEC+ also approved production quotas for participants for January. For Russia, this is 10.122 million b/d compared to 10.018 million b/d in December. Saudi Arabia has the same quota.

Prior to today's meeting of energy ministers, there were speculations that OPEC+ would pause production recovery or reduce the monthly "step" of this recovery, especially in the context of the emergence of the omicron strain of coronavirus.

Since the end of October, oil has fallen in price by 20%, first on news of the dissolution of US reserves and partners, and then on a new strain, notes . Bloomberg

Kommersant wrote that Russia cannot use the quota under the OPEC + agreement, because the free capacities of the companies are almost exhausted.

Update

After the details of the meeting were released , at which the participants, in addition to maintaining production growth, agreed to promptly adjust it if necessary at emergency meetings, Brent oil returned to $70.