قالب وردپرس درنا توس
Home / Business / Russia, Saudi Arabia, OPEC + in focus

Russia, Saudi Arabia, OPEC + in focus



A petrobras oil platform floats in the Atlantic Ocean near the Guanabara Bay in Rio de Janeiro.

Getty Images

Oil prices rose more than $ 1 a barrel Monday after Saudi Arabia, Russia, Iraq supported an expansion of the offer cut for another six to nine months before an OPEC meeting this week.

Burned raw futures in September affected an intraday high of $ 66.14 per barrel and was up $ 1.12, or 1.7%, at $ 65.86 per barrel.

US raw futures for August rose $ 1

.10, or 1.9%, to $ 59.57 per barrel after earlier hitting a top of $ 60.10, the highest for over five weeks.

The organization of the petroleum exporting countries (OPEC) and its allies appear to expand the oil supply cuts until the end of 2019 as top producers on Sunday, backing a policy aimed at plugging up the price of crude oil.

OPEC, Russia and other manufacturers, an alliance known as OPEC +, meet on July 1-2 to discuss utility cutouts. The group has reduced oil production since 2017 to prevent prices from pushing in a weakening global economy and strong US production.

On Sunday, Russian President Vladimir Putin said he had agreed with Saudi Arabia to extend existing cuts of 1.2 million barrels per day (bpd) by six to nine months.

Saudi Energy Minister Khalid al-Falih said the deal would probably be extended by nine months, and no deeper reductions were needed.

"Although this must be ratified by the remaining members of the OPEC + group, this seems to be a mistake, ANZ analysts say in a note.

Oil prices have been renewed in recent months from rising US Supply and a slower global economy

US crude oil production in April rose to a new monthly record of 12.16 million bpd, US Energy Information Administration said in a monthly report on Friday. The United States and China after the leaders of the world's two largest economies agreed on Saturday to start trade talks.

Nevertheless, analysts are skeptical that both parties can reach an agreement soon. in the square, "Alfonso Esparza, senior market analyst at Oanda in Toronto, said in a note.

" The road ahead looks complicated as China demands more equal treatment and the United States pushes through intellectual property protection. "


Source link