The price of Brent crude oil futures with delivery in February 2023 grew by more than 2% today on the London Stock Exchange ICE, according to trading data. Such dynamics was marked following EU's introduction of a price ceiling on Russian oil and the decision of OPEC+ to maintain the oil production plan adopted in October.
According to the exchange data as of 03:30 Moscow time, Brent was growing by 2.08% up to $87.35 per barrel. By 04:25 Moscow time, WTI futures for January 2023 delivery were up 2.28% to $81.8 per barrel.
As of 04:20 Moscow time, Brent slowed down to 1.62% and was at $86.96 per barrel. WTI crude futures were up 1.53% to $81.2 per barrel, according to data at 05:07 Moscow time.
By 11:15 Moscow time, Brent was $85.98 a barrel (+0.58%) while WTI futures were up 0.6%, to $80.48 a barrel.
OPEC decision
On December 4, the OPEC+ countries decided to maintain the current production target of a two million bpd cut from November 2022 to the end of 2023. The final communiqué notes that OPEC+ members reiterate their willingness to hold meetings at any time and to take necessary additional measures in response to the market situation in order to maintain the balance of supply and demand.
On introduction of oil price ceiling
On December 5 an embargo on Russian oil deliveries by sea to EU countries took effect. The EU countries agreed on a regulated price ceiling for Russian oil delivered by sea at the level of $60 per barrel.
A similar decision was announced by the G7 countries and Australia. The US, the EU and the UK are banning their companies from providing transportation, financial and insurance services to tankers carrying oil from Russia at a price above the agreed level.
GSV "Russia - Islamic World"
Based on materials from TASS