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The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
January: OPEC goes to two-tier pricing (Saudi Arabia and United Arab Emirates use $12.09 per barrel and other OPEC countries use $12.70per barrel). May: Fifty percent of Saudi Arabia's 10 Mbbl/d (1,600,000 m 3 /d) production is halted briefly due to fire damage to separation facility in Abqaiq field. Prices increase slightly.
January: Nine OPEC members adjust prices to cut gap between light and heavy crudes from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per barrel. March 11–19: Iranian offensive; heavy casualties. May–June: "Battle of the cities" - heavy bombing from both Iran and Iraq.
Oil prices fell 2% on Monday after China’s stimulatory plans failed to impress traders and oil alliance OPEC lowered its demand forecast. West Texas Intermediate closed at $73.83 per barrel ...
The plan had been to start gradually restoring 2.2 million barrels per day over the course of 2025. ... prices averaging $75 per barrel in the first quarter of next year and $80 for the remaining ...
Oil production cuts by Russia and the Organization of the Petroleum Exporting Countries (OPEC) have helped push Brent crude prices up some 10% over the past month to roughly $93 per barrel.
January: Nine OPEC members adjust prices to cut gap between light and heavy crudes from $4 to $2.40 per barrel. Saudi light price cut one dollar to $28 per barrel. March 11–19: Iranian offensive; heavy casualties. May–June: "Battle of the cities" - heavy bombing from both Iran and Iraq.
July 25 Faced with declining oil prices, OPEC ministers agree to cut crude oil production quotas by about 4%, or 1 million barrels (160,000 m 3) per day. The cut will take effect September 1, and is aimed at maintaining the price of the OPEC basket of crude oils at around $25 per barrel.