February 27, 2021

Brent falls 1.25% on expectations of the OPEC-Russia meeting

The price of a barrel of Brent crude for delivery in June fell this morning in the London futures market by 1.25% in anticipation of the emergency telematic meeting of OPEC and Russia partners.

North Sea crude, Europe’s benchmark, was trading on the International Exchange Futures at $ 33.72, a slight drop from Friday, when it closed at $ 34.15.

The market is awaiting the meeting that was to be held today, but that has been delayed, among the ministers of the group known as OPEC +, which includes the Organization of Petroleum Exporting Countries (OPEC) and other large producers, to address measures to stop the drop in the price of crude oil.

In March, oil prices plummeted after the last meeting of that alliance ended without an agreement, prompting Saudi Arabia to start a price war that further aggravated the situation caused by the fall in demand as a result of the COVID-19 pandemic.


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