The price of January Brent oil futures fell to $80.91, the lowest level since July 24, 2023. This is evidenced by currency trading data. ICE.
As of 14:07 Moscow time, the oil price recovered slightly after the decline and rose to $81.05 per barrel. At the same time, WTI prices reached $76.74 per barrel. Analysts who participated in the agency’s survey ReutersWe note that oil prices continue to remain under pressure due to increasing concerns about the decrease in demand in the USA and China.
US Energy Information Administration reduced In the forecast that oil consumption will increase in the USA in 2023, a decrease of 300 thousand barrels per day is expected. The agency also writes that China’s import indicators indicate that the economic dynamics of the main oil importer are weakening.
The increase in oil exports of OPEC countries by 1 million barrels per day compared to August also puts pressure on the market. UBS analysts believe current OPEC+ supply levels are too high for market needs. The strengthening dollar also puts pressure on prices.
The publication notes that many experts talk about oil oversupply and weakening demand, and the market cannot be called scarce at the moment.
previously analyst said About the share of oil revenues in the budget of the Russian Federation.
Previously Russian oil resources reached The highest level in the last four months.