However, it is still more than 11% above the level recorded before the start of the Russian invasion of Ukraine.
The price of a barrel of oil started this Thursday with drops almost 5% both in the Brent variety and in the West Texas Intermediate (WTI), given the information indicating that: The United States will again release some of its reserves Likewise, the Organization of the Petroleum Exporting Countries (OPEC) countries and other oil producers are scheduled to hold a new meeting today, led by Russia
The price of a barrel of Brent oilhigh-quality fuel that is a reference for Europe and that comes from the mixture of 15 types of crude oil extracted in the North Sea (Unudi Kingdom), stands at $107.82, 4.96% below yesterday’s close. The barrel WTI oillighter than the benchmark Brent for the US, is down 4.87% to $102.57.
However, the oil price is still more than 11% above its pre-Russian invasion of Ukraine levels.
The fall in the price of crude oil coincides with the information that: point to imminent release of US reserves In that sense, the BBC network has indicated that the White House is considering the possibility of release up to 180 million barrels from the Strategic Petroleum Reservewhich would represent the largest volume released since the founding of this depository in 1974.
In November 2021, the President of the United States, Joe Biden, already announced the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve, while in early March it was the Governing Council of the International Agency for Energy (IEA), composed of the 31 member states, which agreed to release 60 million barrels of oil from the emergency reserves.
In addition, next Thursday, the OPEC countries and other oil producers, led by Russia, are expected to joint OPEC+
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
