The price of Brent crude has fallen to 2003 levels

Now Brent is trading at 26, and 79 dollars per barrel. North American grade WTI is about 24, about $ 4 per barrel. The last time these prices were in 2002.

Photo: Nina zotina/RIA Novosti Shafranik: the End of the transaction on the reduction of oil production was inevitable

Quotes of barrel of decline despite data from the American petroleum Institute (API) on the reduction of inventories in USA and the statements of the American President Donald trump to increase strategic crude oil reserves of 77 million barrels.

Today is set to be released US Department of energy on oil reserves in the country. If they confirm the statistics API, it can support oil prices.

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+. The countries participating in the reduction failed to agree on further joint action. From 1 April this year, commitments to reduce production of more no one.

on Tuesday, March 17, the Minister of oil of Iraq tamer al-Ghadban called for an emergency meeting of OPEC to discuss urgent measures to restore the balance in the oil market.