The global price of oil today, 16 Azar; Brent was 72 dollars and 7 cents
reported by %20%0A
The price of a barrel of Brent North Sea oil today decreased by 2 cents equal to 0.03% to 72 dollars and 7 The tradition arrived. US West Texas Intermediate oil increased by 3 cents equal to 0.04% to $68 and 33 Tradition is traded.
Brent oil is on the verge of a price drop of more than 1% over the past week, but US oil 0. The price has increased by 01%.
On Thursday, the Organization of the Petroleum Exporting Countries and its allies postponed the beginning of their production increase for another 3 months, until April, and decided to continue reducing their production until the end of 2026.
This group, which is known as OPEC Plus and is responsible for about half of the world’s oil production, was supposed to increase its production from October 2024. But the slowdown in global demand growth, especially in China, and the increase in production from other countries caused this plan to be postponed several times.
It seems that OPEC+ is worried about the excess supply of oil, as well as the non-commitment of the member countries to the production reduction plan. The first result of the OPEC+ production cut extension is the 500,000 barrels drop in the Barclays investment bank’s forecast of 900,000 barrels per day of oversupply next year.
