Brent oil price fell below $ 67 for the first time since May

by time news

The cost of the October Brent oil futures contract on the London ICE exchange fell below $ 67 per barrel for the first time since May 24, following the data of the trading floor.

As of 10:04, it dropped by 2.24% and amounted to $ 66.7 per barrel.

At the same time, the price of September futures for WTI crude oil fell by 2.58% to $ 63.77 per barrel.

Earlier, OPEC raised its forecasts for oil and condensate production for 2021 and 2022, according to the organization’s report published on August 12. Their production in non-OPEC countries in 2021 will grow by 1.1 million barrels per day to 64 million barrels per day on average for the year, in 2022 – by 2.94 million barrels per day to 66.94 million barrels per day.

This means that in 2022 world oil production will reach the pre-pandemic level, which in the first quarter of 2020 was 66.9 million barrels per day. Average oil and condensate production in non-OPEC countries in 2020 was only 62.91 million barrels per day.

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