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Markets remained on the sidelines ahead of the OPEC-non-OPEC ministerial meeting, and international oil prices fell
on December 2.
Light crude futures for January 2023 delivery fell $1.
24, or 1.
53%,
to settle at $79.
98 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for February 2023 delivery fell $1.
31, or 1.
51%, to settle at $85.
57 a barrel
.
OPEC and non-OPEC oil producers held a ministerial meeting on the 4th to discuss crude oil production policies and decided to maintain the production reduction target
set by the previous ministerial meeting.
After many days of negotiations, EU member states agreed on the 2nd to set a price cap
of $60 per barrel for Russian oil exports.
The agreement still needs to be formally approved through written procedures, and the details will be announced
on the 4th.
According to this price ceiling, if the price of oil exceeds the threshold of $60 per barrel, it will be prohibited to provide insurance, financial and other services
for Russian oil transportation.
Data released by oilfield services company Baker Hughes on the afternoon of the 2nd showed that the number of active oil rigs in the United States that week was 627, unchanged from the previous month and an increase of 160 year-on-year
.
Over the same period, the number of active oil rigs in Canada was 128, down 1 month-on-month and up 15 year-on-year
.
