Brent crude on the ICE (InterContinental Exchange Futures) in London fell by 0.62% to $66.16 per barrel. WTI crude on the NYMEX (New York Mercantile Exchange) in New York also dropped 0.58% to $61.92 per barrel.
According to AZERTAC, the price of Azeri Light crude decreased by $0.07, or 0.1%, to $69.46 per barrel.
This month, eight leading OPEC+ countries agreed to raise production by 137,000 barrels per day (bpd) from the September level of the 1.65 million bpd that was announced in April 2023. According to OPEC, and excluding compensation measures, Russia could increase oil output in September to 9.4 million bpd, Saudi Arabia to 10.02 million bpd, Kazakhstan to 1.5 million bpd, and Iraq to 4.2 million bpd. However, this plan does not take into account the compensation schedule for previously allowed overproduction, under which the eight OPEC+ countries are required to produce less each month.
The next meeting of the eight OPEC+ countries is scheduled for October 5, 2025.
It is worth noting that the lowest price for Azeri Light crude was recorded on April 21, 2020, at $15.81, while the highest was in July 2008, at $149.66.
