Oil Falls Below $80 a Barrel

Washington recently announced that it was releasing strategic oil reserves to cool the market and urged China, Japan, South Korea, and India to follow suit.

This development led to a drop in oil prices below $80 per barrel and thereby a loss of 10% from the October high. Тhe US then blamed OPEC+ for the jump in price.

The cartel is now increasing daily production by 400,000 barrels every month, smoothly returning to normal after the largest single cut in history last year. However, the US is not satisfied with this condition.

“This is a consequence of the fact that Russia and OPEC are refusing to produce more,” President Joe Biden warned.

However, the parties to the agreement decided to keep the same pace. The unified position of Russia and Saudi Arabia has become decisive in the matter.

Russian oil company Rosneft recently also released financial and operational reports for the nine months of 2021. The company is in positive territory as its revenue and net profit are growing.

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