The global oil prices started to decline on Monday after they reached record-high levels on the heels of the OPEC+ decision not to increase production and recent reports on the attack against Saudi oil facilities, according to the latest market data
MOSCOW (Pakistan Point News / Sputnik - 08th March, 2021) The global oil prices started to decline on Monday after they reached record-high levels on the heels of the OPEC+ decision not to increase production and recent reports on the attack against Saudi oil facilities, according to the latest market data.
Earlier in the day, the price of May futures for Brent surpassed $71 per barrel amid the reports on Yemen's Houthi movement's attack against Saudi Aramco's oil production facilities.
As of 10:39 GMT, the price of May futures for Brent crude decreased by 0.12 percent to $69.28 per barrel.
The price of April futures for Brent dropped by 0.05 percent to $66.07 per barrel.
On Thursday, the OPEC+ countries agreed to extend the March level of oil production cuts, which stands at some 7.05 million barrels a day, into the next month as well.� Only Russia and Kazakhstan have been allowed to slightly increase production next month, by 130,000 barrels a day and 20,000 barrels a day, respectively. At the same time, Saudi Arabia has decided to extend its additional voluntary oil production cut of 1 million barrels a day into April as well.�
