Patatras. This Tuesday morning, the price of a barrel of Brent from the North Sea fell by 5.02%, while its American equivalent followed the same curve to settle at 70 dollars.
This is an article by the famous Washington Post which accelerated the downward trend already started on Monday. He indicates that if Israel plans to strike Iran, in retaliation for the missile launches of October 1, it will only target military infrastructure, and not oil or nuclear, as initially planned.
The daily’s sources report a telephone conversation which took place last Wednesday between Benjamin Netanyahu and Joe Biden.
Consumption revised downwards by OPEC
In parallel with this press announcement, the Organization of the Petroleum Exporting Countries and its allies (OPEC +), usually optimistic, published a report on Monday in which they revised their forecasts downwards. The world will consume on average 104.1 million barrels of oil per day in 2024, some 110,000 barrels below the previous estimate, but more than the 102.2 mb/d recorded in 2023, notes the cartel of oil exporting countries .
For 2025, OPEC + is counting on global consumption of 105.7 million barrels per day, where it previously counted on 210,000 barrels more.
Two announcements that explain the plunge, hoping that the latter will translate to the pump.