3 September 2024 at 13:14 Steep drop in oil prices The oil price has fallen steeply since just before 11 o’clock on Tuesday. A barrel of North Sea oil (burnt spot) is traded for 75.54 dollars at 13.10, almost two dollars down within a couple of hours. There is a decrease of 2.21 percent since midnight. It is also the lowest price since December. On Friday, oil prices began to fall sharply, after several reported that the oil cartel OPEC will probably increase oil production in October as planned – and supply the market with 2.2 million barrels per day. Should they do so, several analysts estimate that the oil price will be around 60-70 dollars a barrel in 2025. DNB Markets does not believe that OPEC will increase production by that much, because the growth in demand for oil is not as strong, at the same time as production outside OPEC is still holding strong. “Even without a production week, we expect the price to remain relatively flat at USD 77 a barrel in 2025,” wrote DNB Markets in a report.
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Steep drop in oil prices – Latest news – news
