[size=41]OPEC announces the price of a barrel of oil has fallen below $ 17
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The Organization of Petroleum Exporting Countries (OPEC) said today, Thursday, that the price of oil in its daily basket fell to 16.87 dollars a barrel in the first of April, down from 22.61 dollars the previous day.
According to what Reuters reported, “The basket includes the Algerian desert mix, Angolan Girasole, Djeno Congolese, Zafiro from Equatorial Guinea, Rabi Light Rabouni and Iranian heavy crude.”
The basket also includes Basra Light, Kuwaiti export crude, Libyan Sidr, Nigerian, Saudi Arabian Light, Saudi Light, Marban Al-Emarati and Miri Al-Venezueli.
It is noteworthy that the OPEC + countries did not reach an agreement on March 6 to cut or extend oil production.
And while Russia suggested keeping the existing conditions, Saudi Arabia offered to further reduce oil production.
As a result, restrictions on oil production in the member states of the former coalition were lifted from April 1. Oil prices in March fell in the shadow of that, as well as due to the outbreak of the Coruna virus, by nearly twice.
This deal, in which OPEC and non-OPEC countries participate, and which has been ongoing since the beginning of 2017, is seen as becoming a base not only for cooperation in achieving stability in the oil market, but also for the rapprochement of countries and the development of their investment partnership in various fields.