On August 21 the price of Brent crude oil continued to decline. In the morning the cost of Brent dropped to $ 46 per barrel. If Friday's trading is closed in the red, it will be the eighth consecutive weekly decline in oil prices. The last time this happened in early 1986.
Oil is getting cheaper against the backdrop of negative statistics from China, where industrial production is reduced.
In addition, the prices are pulled down by the glut in the market. Thus, oil production in the US increases (9% higher than a year ago).
The pace of production in Saudi Arabia also increases. According to some estimates, the current level of production is 11 million barrels per day, which is a historical record. -02D-
Economics
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Croatian Prime Minister Andrej Plenković announced enhanced efforts by Croatia to protect the Adriatic Sea and advance renewable energy projects during his address at the COP29 summit in Baku on Wednesday.
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Italian Prime Minister Giorgia Meloni on Wednesday called for collective action to limit global warming to 1.5 degrees Celsius during her address at the COP29 summit in Baku, emphasizing the need for a united response to the climate crisis.
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Greek Prime Minister Kyriakos Mitsotakis on Wednesday urged European leaders to pursue a "smart green deal" at the COP29 summit in Baku, advocating for a balanced approach to the energy transition that takes into account both environmental and economic realities.
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Kuwait’s Crown Prince Sheikh Sabah Khaled Al Hamad Al Sabah affirmed the country’s commitment to environmental sustainability during a high-level meeting at the COP29 summit in Baku on Wednesday, emphasizing Kuwait’s adherence to international climate agreements, including the Kyoto Protocol and the Paris Agreement.
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