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Brent Price Falls Below Five-Year Minimum After OPEC Decision

Sputnik International

Following the close of the stock exchange on November 28, Brent had lost 3.6 percent, or $2 per barrel amid a world glut of oil reserves. 01.12.2014, Sputnik International

2014-12-01T12:32+0000

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Brent Price Falls Below Five-Year Minimum After OPEC Decision

12:32 GMT 01.12.2014 (Updated: 13:50 GMT 19.12.2022)

Brent crude oil price has fallen below $68 per barrel, a 5-year low, following last week's OPEC decision against a reduction in oil output. - Sputnik International

Following the close of the stock exchange on November 28, Brent had lost 3.6 percent, or $2 per barrel amid a world glut of oil reserves.

The history of oil prices over the last century shows that the recent fall in oil prices almost certainly has nothing to do with such theories, but is the product of more impersonal factors. - Sputnik International

Debunking Popular Oil Price Myths

1 December 2014, 12:06 GMT

MOSCOW, December 1 (Sputnik) — Brent crude oil price has fallen below $68 per barrel, a 5-year low, following last week's OPEC decision against a reduction in oil output.

Following the close of the stock exchange on November 28, Brent had lost 3.6 percent, or $2 per barrel amid a world glut of oil reserves. The previous record low was set October 8, 2009.

Brent prices further decreased following a November announcement that the China purchasing manufacturers index had decreased to 50.30 from the October level of 50.80.

First Deputy Prime Minister Igor Shuvalov noted on Saturday that the government will pull through despite OPEC’s decision not to reduce output, and identified a number of priorities for the government, including tackling inflation and pushing through efforts to increase import substitution, Russian media have reported. - Sputnik International

Russia to Withstand OPEC Decision, Focus on Import Substitution: Deputy PM

29 November 2014, 17:47 GMT

Oil prices have been falling steadily over the past five months. Prices sharpened their drop after OPEC announcement on November 27 to leave current oil production unchanged, immediately causing the price of Brent crude to fall below $75 per barrel.

Energy exports make up around half of Russia's budget. In November, Russian Ministry of Economic Development said it might be required to revise the budget plan for 2015-2017, which is currently based on an oil price of $100 per barrel.