oil price. The price of Brent oil, records a strong drop of up to 4.6% on Monday during the session, as an immediate reaction to the recent decision of the OPEC+ to increase its crude oil production.
The agreement, taken during the weekend by the main oil export countries and its allies, establishes an increase in the offer of 411,000 barrels per day from June, following the previously agreed guideline for May.
Both Brent oil and WTI oil have lost more than $ 2 per barrel during the Asian session on Monday, after knowing that OPEC+ has decided to accelerate the rhythm of increased production.
The Brent, a reference for Europe, fell to $ 59 per barrel, while the WTI, which is taken as a reference in the US, fell to 56 dollars. Both references touched minimal not seen since the beginning of April.
OPEC+ announced that it will increase its production in June by 411,000 barrels per day. This will be the second month followed with an increase in this magnitude. If the April, May and June settings are added, the group’s joint offer will increase by 960,000 barrels per day, which represents a reversion of 44% of the cuts that the block has maintained since 2022.
According to Bloomberg data collected by EFE, at 7.15, the price of Brent crude sinks 3.48%, up to $ 59.16, although during this morning, the price of oil has come to fall more strongly until it is 58.5 dollars. In this way, it approaches the minimums that it marked on April 9, when it descended to $ 58.40, its lowest level since 2021.
However, after the strong debacle, the price of the Brent is already recovering at 8.45 was at $ 59.66 a barrel.
Brent crude oil
Brent crude is reference oil in the European market and One of the three main references for oil investors. The other references are WTI (from the English West Texas Intermediate) and Dubai/Oman, although there are other smaller varieties in which it can also be invested.
Crude references
Crude references provide information about each variety to investors. Oil has different value depending on the soil from which it is extracted, since its uses and the ease of transport vary. According to publishes Canal 12 Web.
The Brent crude is the most operated reference and is obtained from the oil fields of the North Sea: Brent, Forties, Oseberg and Ekofisk (called together as BFOE). The use of this type of crude is widespread because it is sweet and light, which makes it easier to turn it into diesel and gasoline. This, together with its relative ease of transport when produced in the sea, makes it such a widespread variety.
