Oil production - 1920, 01/18/2022

MOSCOW, 18 Jan — The cost of a barrel of Brent oil for the first time since October 14, 2014 exceeded $88, according to trading data.

As of 10:46 Moscow time, the price of March futures for North Sea oil grew by 1.86% to $88.06 per barrel, WTI — by 2.15% to $85.09.

OPEC+ has reduced production by 9.7 million barrels per day since May last year due to lower oil demand caused by the coronavirus pandemic. As the situation stabilized, the terms of the agreement were adjusted. Since August 2021, the alliance has been increasing production by 400 thousand barrels per day every month, hoping to return to previous levels by the end of September 2022.
On Thursday, statistics on weekly oil inventories in the US is expected. In the week to January 7, commercial stocks in the country fell to the lowest level since October 2018.

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