In the oil market, there has been a sharp decline in prices

The price of Brent oil fell by more than 6% per day. This has occurred in the face of a sharp increase in production in Saudi Arabia.

Auctions on Wednesday, July 11 have seen a drop in prices on the oil market of two and a half years, writes Radio Liberty

Oil Exporters (OPEC), where the cartel reported a sharp increase in oil prices. 39, extraction in Saudi Arabia and warned of an oversupply in 2019.

"According to auction data, as at 23:16 in Kiev more than 6% since the beginning of the auction , the price is 74 dollars p This decline has been a record since the summer of 2016 and lowered the quote to a three-week low. " According to the OPEC secretariat, in June, Saudi Arabia has dumped 405,000 barrels of new daily supplies into the market. It is expected that at a meeting between US and Russian Presidents Donald Trump and Vladimir Putin, to be held in Helsinki on July 16, they will discuss the situation in the world oil market.

OPEC with themhyty oil production to bring down prices.

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