Brent oil drops below $69
The price of international benchmark Brent crude oil futures fell below the $69-a-barrel mark today for the first time since April 10 to $68.9, TASS reported.
Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries (OPEC) agreed there was a need to cut oil supply next year by around 1 million bpd from October levels to prevent oversupply. Saudi Arabia also said it will curb exports by 500,000 barrels a day.
Russian Energy Minister Alexander Novak said he doesn’t rule out that the OPEC+ deal could be extended into 2019 in its current format.
A new deal between the OPEC and non-OPEC nations is expected to be signed at a regular meeting in Vienna on December 5-7.