Saturday , June 12 2021

Oil prices are rising, driven by OPEC's plans

London /

The oil prices open to the fourth session in a row, fueled by the prospects for development of Saudi Arabia in the Organization of Exporting Countries of Oil (OPEC) and perhaps Russia will reduce supply by the end of this year.

The brent earned 19 cents at $ 66.95 a barrel while futures West Texas Intermediate (WTI) rose by 30 cents to $ 56.76 a barrel.

"Prices continued to improve (…) because the market will remain vigilant for the possible impact of the cut (in supply)," – said Sukrit Vijayakar, director of the Indian consulting company Trifecta.

The OPEC, led by Saudi Arabia, pushes the group and its allies to reduce production from 1 to 1.4 million barrels per day to avoid the accumulation of unused fuel.

Russian energy minister Alexander Novak said that his country, which does not belong to OPEC, planned to sign a coordination agreement with the group and that the details will be discussed during a meeting on 6 December in Vienna.

Crude brent it's almost 25 percent below $ 86.74 a barrel, ceiling 2018, which touched in early October. The decline reveals a slowdown in demand and historical highs in pumping in the United States, Russia and Saudi Arabia.


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