Analysts of "JPMorgan Chase & Co" bank lowered the average price forecast for a barrel of "Brent" oil for 2023 from the previously expected $98 to $90. It was also stated that a decrease in Russian oil production is expected after the price ceiling mechanism comes into force.

Axar.az reports that according to the bank's experts, oil production in Russia will decrease by 500,000 barrels per day in the first quarter of 2023 due to price restrictions, and will stabilize at 10 million barrels per day in the second half of the year.\

The decision of the European Union to set the price ceiling for Russian oil at the level of 60 dollars per barrel entered into force on December 5. Starting in early 2023, the price cap mechanism will be reviewed every two months, taking into account changes in the market. The price limit for Russian oil and oil products will be set at least 5 percent below the average market price. A similar limit was applied by the G7 countries (Great Britain, Germany, Italy, Canada, France, Japan and the USA) and Australia.

"Brent" oil February futures rose by $2.38 (2.78 percent) and sold at $87.95 per barrel during the auction held today at London's "ICE Futures" exchange.