The global benchmark Brent oil has been quoted at about $78 per barrel since the morning of December 4. Analysts say this comes amid doubts that the latest supply cuts adopted by members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners will change the market situation.
Oil prices continue to fall as non-OPEC supplies surge and the outlook for demand growth worsens. The fall occurred even after OPEC+ decided to continue production cuts last week.
The price of oil is one of the important factors in filling the budget of the Russian Federation, a significant part of which is the cost of the war against Ukraine.
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