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Oil trades under USD 30 again despite output cut deal

European benchmark crude Brent is selling for less than USD 30 per barrel despite the agreement landed on Monday by Saudi Arabia, Russia, the US and OPEC+ countries to further limit output and thereby halt the falling price of oil.

Photo: YORUK ISIK/REUTERS / X06504

The price for one barrel of North Sea oil is once again less than USD 30 and trades Thursday morning for USD 27.9. This marks the second occurrence in a row following the significant decline of around 7 percent Tuesday.

And that's despite the fact that the US, Russia, Saudi Arabia and OPEC+ countries reached an agreement Monday to further cut output quotas and thereby put a floor under declining crude prices.

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