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Brent сrude oil exceeds $65 per barrel for the first time since 2015

Earlier the OPEC ministers agreed to extend the oil production reduction agreement until the end of 2018

TASS, December 12. The price of the Brent crude oil futures contract for February delivery rose by 0.8% to $65.19 per barrel in the course of trading on the London’s ICE Exchange.

The last time the oil price of this grade was above $65 per barrel on June 24, 2015.

On November 30, the ministers of OPEC+ countries decided to extend the agreement to reduce oil production up to the end of 2018, and also resolved the issue with Libya and Nigeria, the countries that had previously been exempt from these obligations.

At the end of 2016, OPEC and 11 non-member countries, including Russia, agreed in the first half of 2017 to reduce the average daily oil production by 1.8 mln barrels against the level of October 2016. Russia, in particular, pledged to reduce production by 300,000 barrels per day. In May 2017, all parties to the agreement agreed to extend it until April 2018. Quotas for the countries remained the same. The goal of the deal is to reduce world oil reserves to five-year average levels.