In his view, if the transaction OPEC+ has been extended until the end of the second quarter, as proposed by Russia, now the price of oil would be only 5-7 dollars above. The epidemic of coronavirus was removed from the quotations of the barrel to about $ 25, and this is the main reason for the decline.
S&P revised Russia’s rating because of the price of oil
Quotes of a barrel falling from the beginning of the year because of lower demand for oil in the epidemic of the coronavirus. Additional impetus to reduce the cost of a barrel was the collapse of the deal on the reduction of oil production OPEC+.
Today, 27 March the price of Brent crude oil fell below $ 26 a barrel. Now it is trading at 26.1 dollars per barrel. The North American WTI crude oil is of 22.77 per barrel.