The price of Brent crude oil fell below $ 63 per barrel for the first time since February 22, according to data from the ICE exchange. During the trades, oil dropped to $ 62.54 per barrel.
At the minimum, WTI oil traded at $ 59.47 per barrel, later the price rose to $ 60.02 per barrel. The price decline is expected on the eve of the next meeting of the participants in the OPEC + deal, who this week will discuss the easing of the current limitation on production.
Earlier it was reported that cold weather collapsed oil production in Russia in February, which did not allow the country to increase production as agreed in the framework of OPEC +. From 1 to 25 February 2021, the average level of oil production in Russia ranged from 9.153 million barrels to 10.093 million barrels per day. This is 30 thousand or 77 thousand barrels less compared to January.
In addition, oil exports from Russia to non-CIS countries collapsed sharply in January-February 2021. Deliveries fell 21.6 percent in two months compared to the same period last year and amounted to 32.83 million tons.