During the day the Brent oil price fell more than 6%. This happened on the background of a sharp increase in production in Saudi Arabia.
On Wednesday, July 11, in the oil market there was a record two and a half years of falling prices, writes Radio Liberty.
This happened after the publication of the monthly report of the Organization of countries-exporters of oil (OPEC), in which the cartel has reported a sharp rise in extraction in Saudi Arabia and warned of an oversupply in 2019,
“According to trading as of 23:16 Kyiv time futures on Brent fell by more than 6% since the start of trading, the price is $ 74 exactly. This drop was a record since summer of 2016 and lowered quotes to three-week low”, – stated in the message.
According to the OPEC Secretariat, in June Saudi Arabia dumped on the market for 405 thousand barrels of new daily deliveries, increasing production to 10.42 million barrels per day.
It is expected that at the meeting of the presidents of the United States and Russia Donald trump, and Vladimir Putin, which will take place on 16 July in Helsinki, will discuss the situation on the world oil market.
Note, trump has repeatedly called on OPEC to increase oil production to lower prices.
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