VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries dropped to $45.48, the lowest price since November 2016, the OPEC Secretariat said on Monday.
The price of OPEC oil has already accrued three weeks of generalized losses in which it has lost 12 percent of its value.
At $45.48, the value of the barrel has fallen to November 2016 levels, when the announcement of an agreement to cut production led to a rise in prices.
This agreement to reduce pumping, involving OPEC and ten other major producers, initially intended to last until the end of this month, was extended on 25 May until March 2018.
The August delivery of Brent crude opened at $48.36 per barrel at the start of Monday’s trading on the futures market, a 0.43 percent increase since the previous session’s close.