Brent crude prices fluctuated in FY24 due to OPEC+ actions

Mint — March 30, 2024, 05:00 PM UTC

Summary: Brent crude prices in FY24 fluctuated due to OPEC+ supply cuts and geopolitical events. Prices peaked at $97.69 per barrel in September 2023 post-Israel-Hamas war, and hit a low of $71.28 in May 2023 pre-OPEC meeting. OPEC+ cut production by 1.16 million bpd in April 2023, leading to an 8% price increase. Further cuts were announced, with Saudi Arabia reducing production by 1 million bpd.

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Timeline:

[6.6]
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196d 2h
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[6.6]
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[4.3]
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[6.6]
Oil prices surged due to geopolitical tensions and supply concerns (CNBC)
198d 15h
Scores Source
[6.6]
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[5.3]
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200d 1h
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