Oil declines, Brent holds above $82

Oil drilling rigs

Oil prices closed lower today, March 4, amid reports that some OPEC+ countries would extend the voluntary reduction of 2.2 million barrels per day to Q2 2024 and as US crude production rose to record levels.

Brent crude futures for May delivery fell 0.9%, or 75 cents, to $82.80 a barrel, after rising earlier to $84.08.

WTI crude for April delivery declined 1.55%, or $1.23, to $78.74 per barrel, after touching $80.41 during trading.

The OPEC Secretariat noted the announcement by several OPEC+ countries on extending the voluntary reduction of 2.2 million barrels per day. This is calculated from the targeted production level during 2024, according to the 35th OPEC ministerial meeting held in June 4, 2023.

According to Energy Information Administration data, monthly crude production volume in the US rose to 412.8 million barrels in December, the highest monthly level since the start of the series in January 1920. The full-year production rose to 4.72 billion barrels from 4.34 billion in 2022.