Brent oil price fell below $ 68

World oil prices continue to fall at an accelerated pace, Brent is already cheaper than $ 68 per barrel, for the first time since May 25, according to trading data.

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As of 22.31 Moscow time, the price of September futures for Brent crude oil fell by 7.54% to $ 68.04 per barrel. Minutes earlier, the figure dropped to $ 67.89 for the first time since May 25. September futures for the WTI mark fell in price by 8.04% – to 65.81 dollars per barrel, August futures on WTI – by 8.16%, to 65.95 dollars.

The fall in oil prices followed the decision of OPEC + to extend the agreement on limiting oil production for the period from May 2022 to the end of the year and monthly, starting from August 2021, to increase production by 400 thousand barrels per day.

In addition, the risks associated with the spread of coronavirus also raise concerns in the oil market. The increase in the number of cases creates threats to the demand for oil.

The oil industry is one of the main areas of the Brazilian economy. The country collects 3% of all oil produced in the world every day.

In 2006, Petrobras (a Brazilian oil and gas company) announced the discovery of the largest field in the western hemisphere, named Lula (after the president). Also in the Santos oil and gas basin, one more deposits were found – Jupiter. According to analysts, its reserves are 12.86 billion barrels.

According to many experts, Lula, which will peak in productivity in 2020-2021, has the potential to completely cover the world’s oil needs.