The price of Brent oil fell by around 3% last year, according to Commerzbank commodity analyst Carsten Fritsch.
OPEC oil output fell 120k bpd in December
“The year-end rate was less than $75 a barrel at the lowest level in four years. Since the beginning of the new year, the price has increased significantly and yesterday it reached the highest level since mid-October at $77.5 per barrel.”
“One concern is that less oil from Iran and Russia is likely to reach the market due to tougher sanctions. In addition, Bloomberg reported in his analysis that OPEC oil production fell by 120 thousand barrels per day in December, with the United Arab Emirates mainly responsible for this. These have produced much more than was agreed a few months ago.”
“However, the excess production of the nine OPEC countries that were tied to the production targets still included more than 400 thousand barrels per day in December. “
Source: https://www.fxstreet.com/news/oil-price-rises-at-the-start-of-the-year-commerzbank-202501071311
