The Organization of Petroleum Exporting Countries (OPEC) said today, Thursday, that the daily price of its basket of crudes fell to $ 16.87 a barrel in the beginning of this April, compared to $ 22.61 the day before, to record the lowest level since the creation of the basket on June 16, 2005.
The basket includes the Algerian desert mix, the Angolan Girasole, the Congolese Djeno, the Zafiro from Equatorial Guinea, the Gabonese Rabi light and the heavy Iranian raw.
Also included are Basra Light, Iraqi Light, Kuwaiti Export Crude, Libyan Sidr, Nigerian Light, Saudi Light, Saudi Light, Marban Al-Emirati and Miri Al-Venezueli.
According to data reported by the Anatolia Agency, the price of a Kuwaiti oil barrel fell 35% on a daily basis, equivalent to 9.02 dollars during trading on Wednesday, in the first trading day after the expiration of the OPEC Plus agreement, which ended on March 31 ..
According to the Kuwait Petroleum Corporation statement, on Thursday, the price of a barrel of Kuwaiti oil reached about $ 16.68 in trading on Wednesday, compared to $ 25.70 in trading the day before.
Prices have fallen nearly 50% to less than $ 26 a barrel since OPEC and other major producers led by Russia failed last month to extend their agreement on production.
But prices jumped more than 10% in early trading today, Thursday, at $ 27 a barrel for Brent, after US President Donald Trump said he expected Saudi Arabia and Russia to reach an agreement ending the price war between them within "a few days", which would lead to a reduction in production and the return of prices to rise.
For his part, Russian Energy Minister Alexander Novak said Thursday that the current oil prices are not suitable for anyone, and he expected the global demand for crude to drop 20 million barrels per day in the next few weeks.
Novak, speaking on the Moscow Echo radio, said it was wrong for Russia to increase its oil production at the present time amid an unshakeable supply glut.
The Russian minister added that Moscow may return to oil talks with Saudi Arabia, noting that his country will continue discussions with the United States regarding oil markets.
He believed that the main factor behind the decline in the price of oil is the Corona virus, not the failure of the OPEC Plus talks, but he stressed that Russia is able to pass a period of low oil prices.