Oil prices fall after OPEC+ raises production limits

The Organization of the Petroleum Exporting Countries plus Russia agreed to increase production limits for some member states Sunday following a demand by the United Arab Emirates.
Lukoil
The logo of the Russian oil company Lukoil is seen at one of its gas stations in Moscow on April 16, 2021. - KIRILL KUDRYAVTSEV/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

Oil prices fell Monday, the day after OPEC+ raised production limits. 

The price of Brent crude oil — considered the global benchmark for oil prices — fell as low as at $65.78 a barrel Monday. On Friday, the price was $70.89. The drop constituted a roughly 7% decrease. 

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