The price of the main global commodity reached US$ 69.04; it is the lowest value since August 2011
The price of a barrel of oil reached its lowest level since August 2021 and was quoted at US$ 69.04 this Tuesday (September 10, 2024). The devaluation of the commodity occurred in the wake of the monthly report from OPEC (Organization of the Petroleum Exporting Countries), which reduced projections for increased demand for the coming months.
In the document, the cartel projected that demand should increase by 2.03 million barrels per day by the end of this year and by 1.74 million barrels per day in 2025. The levels are below the previously estimated forecasts of 2.11 million and 1.78 million barrels per day. Read the full of the report (PDF – 3 MB, in English).
According to the report, this market slowdown is driven by the distrust that the Chinese economy will maintain its growth patterns. The value of oil began to fall after geopolitical tensions cooled, such as the gradual resumption of exports of the product in Libya, which had suspended its sales to the foreign market due to internal political disputes.
Even before the report, OPEC had already announced that the plan to begin reversing voluntary cuts of 2.2 million barrels per day for 2 months had been postponed. The proposal was not enough to hold down the price of the commodity.
The price of a barrel of oil has been falling since the end of August. The price of oil fell from US$81.43 on August 26 to less than US$70 this Tuesday (September 10). This represents a 15.2% drop in value in 15 days.
For Brazil, the reduction in price could mean a drop in fuel prices. Petrobras may make cuts in the price passed on to distributors, but this reduction in the price of oil will be done cautiously, as cheap oil will also impact the financial results of the state-owned oil company.
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