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Economy

Brent price fell below $79 after Angola's withdrawal from OPEC was announced

2023-12-22

Direct Translation via Google Translate. Edited.
[Regnum] The price of Brent oil futures for delivery in February 2024 on the London ICE exchange began to decline amid reports received on the afternoon of December 21 about Angola's withdrawal from OPEC.

Oh? What brought that on, pray tell?

This is evidenced by trading data.

According to the exchange data at 15:17 Moscow time, the Brent price rose by 0.48%, to $79.53 per barrel. By 15:38 Moscow time, after reports of Angola’s withdrawal from OPEC, the price per barrel of Brent fell by 0.53% to $78.73.

As previously reported, on December 21, Angola's Minister of Oil, Gas and Mineral Resources, Diamontino Azevedo , said that the country was leaving OPEC because its authorities did not see the results of participation in the organization and did not agree with the approved oil production quotas.

Yes, one can see how that might annoy.

Previously, production quotas had no impact on the situation in Angola’s economy, but if the country had complied with the agreements reached by OPEC in November 2023, it “would have suffered,” Azevedo said.

As previously reported, on November 30, OPEC+ member countries reached a preliminary agreement on a new reduction in oil production by more than 1 million barrels per day.

On the same day, Russian Deputy Prime Minister Alexander Novak said that Russia would deepen the voluntary reduction in oil supplies to a total volume of 500 thousand barrels per day and extend it until the end of the first quarter of 2024.

OPEC plays an important role in stabilizing energy markets, as noted earlier by the press secretary of the Russian President Dmitry Peskov . The organization plays an important role in creating conditions for maintaining prices for main energy resources at a balanced level, the presidential press secretary added.

Posted by:badanov

#1 ...What we've seen here in SC in regards to prices was a long steady slide to $2.53 in some places, then a jump the other day when the tankers started getting re-routed; that jumped it back up to about $2.85.

But almost as soon as it got there it started sliding back down again, and this morning it's around $2.72. Angola's not a huge producer, but taking their oil out of the OPEC equation is nothing but good for prices.

Mike

Posted by: MikeKozlowski 2023-12-22 10:47

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