Oil price rises after Saudi Energy Minister’s announcement
[ad_1]
The price of July futures for Brent crude oil is growing by 1%, to $77.61 per barrel. The cost of July futures for WTI rose by 1.2% to $73.86 per barrel.
Oil prices began to rise after yesterday’s statements by Saudi Energy Minister Abdel Aziz bin Salman Al Saud at the Qatar Economic Forum. The minister, in particular, advised speculators in the oil market to “be careful.” This added to fears that OPEC+ may soon cut production to raise prices. Financial Times. A meeting of representatives of OPEC+ member countries is scheduled for June 4 in Vienna.
In April Algeria, Iraq, Kazakhstan, Kuwait, United Arab Emirates, Oman, Russia and Saudi Arabia announced on the voluntary reduction of oil production. We are talking about a decrease of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period, the reduction in production by 500,000 barrels already started in March.
About its consequences of this decision – in the material “Kommersant” “The barrel rolls around”.
[ad_2]
Source link
