Russian Deputy Prime Minister Alexander Novak said that OPEC+ will evaluate the current decline in oil prices, which may be short-term. Words lead the way TASS.
“We will monitor the market. We will monitor the situation. Novak, you need to understand the reasons (drop in oil prices. – socialbites.ca), prospects, how it will develop further (situation. – socialbites.ca), maybe this is short-term, ”said Novak.
The price of Brent crude oil dropped to $72 a barrel on May 3 for the first time since March 20, 2023.
Igor Yushkov, former lead analyst at the National Energy Security Fund declarationThat oil prices fell because of fears that the economies of western countries might go into recession. According to him, many are afraid that there will be a recession, so they are now trying to get rid of oil, while prices are held at a fairly high level. However, in this case, the price of fuel does not fall, it is the price of futures in the market that falls.
At the beginning of April, Bloomberg reportedHe said the decision by many OPEC+ countries to cut oil production was a “big surprise” for the global commodity market.