The price of Brent oil has registered today a strong decrease of 4.24% in the London market, up to 76.44 dollars. It is its lowest level since last August, after the 3rd of this month reached 86.29 dollars, the annual maximum.
In fact, in the last three sessions it had already been slightly below $ 80 a barrel. The minimum price of 2018 was registered on February 12: 62.59 dollars.
For its part, the price of intermediate oil from Texas (WTI) also suffered today a significant decline of 3.96% and closed at 66.43 dollars a barrel.
These falls come after Saudi Arabia has redoubled its commitment to increase production to compensate for the decline of Iran and with concerns about the global economic slowdown.
This week, the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al Falih, assured that the Islamic country can increase its production to 12 million barrels per day if necessary to keep the price of crude oil below 100 dollars per barrel before the fall of Iranian production.
In addition, the Saudi minister said that in 2019 an agreement will enter into force with Russia and other producers outside the Organization of Petroleum Exporting Countries (OPEC), which is still pending sign, by virtue of which they may adjust their offer upwards or the low to maintain market equilibrium.