The price of oil today, December 17; Brent was 71 dollars and 12 cents
According to Reuters, the price of oil decreased by more than 1 percent and recorded a weekly decrease. Despite OPEC+’s decision to extend the production reduction plan until 2026, analysts have predicted a supply surplus next year due to weak demand.
The price of a barrel of Brent North Sea oil today decreased by 97 cents, equivalent to 1.35%, to 71 dollars and 12 The tradition arrived. Texas Intermediate oil West also decreased by 1 dollar and 10 cents, equivalent to 1.61%. 67 dollars and 20 cents are traded.
Brent oil decreased by more than 2.5% and American oil by 1.2% during the last week.
The increase in the number of oil and gas wells in the United States this week indicates an increase in production by the world’s largest crude oil producer, which has also affected oil prices.
The Organization of Petroleum Exporting Countries and its allies was extended to 2026. This coalition, which is responsible for half of the world’s oil production, planned to increase its production from October 2024. But the slowdown in global demand growth, especially from China as the world’s largest importer of crude oil, as well as the increase in production from /span> Non-member countries caused the plan to increase production to be postponed several times.
The Bank of America predicts an increase in oil oversupply, the price of Brent oil will average $65 per barrel in 2025. and demand growth will increase to 1 million barrels per day next year.
Brent oil over the past month and due to signs of weak demand It was traded in the range of 70 to 75 dollars per barrel due to China and the increase in geopolitical risks in the Middle East.
