Oil falls amid doubts about OPEC's ability to cut supplies

Oil falls amid doubts about OPEC's ability to cut supplies


 Baghdad / Range

Minister of Energy, Industry and Mineral Resources Khalid Al-Faleh held talks on oil and energy with his Iraqi counterpart, Jabbar Al-Luaibi in the Kingdom. On Wednesday, Al-Faleh received in Dhahran Al-Luaibi and his accompanying delegation of senior officials and experts of the Iraqi Ministry of Oil Al-Faleh and his Iraqi counterpart discussed a number of issues of common interest in the fields of energy, international oil markets and investment opportunities between the two countries, according to the Saudi Press Agency (SPA).
Khalid al-Falih said on Wednesday he discussed efforts to stabilize oil markets with Iraqi Oil Minister Jabbar al-Luaibi during a meeting. Al-Faleh said he was receiving the Iraqi oil minister and said they discussed "the importance of unifying the efforts of all countries to stabilize markets." Al-Allaibi arrived in Saudi Arabia on an official visit to discuss oil market developments and efforts by the Organization of the Petroleum Exporting Countries (OPEC) to stabilize the market.
The Iraqi Oil Ministry said on Tuesday that al-Allaibi left the country for Saudi Arabia to discuss the developments in the oil market and efforts of the Organization of the Petroleum Exporting Countries (OPEC) to stabilize the market.
The visit of the Iraqi oil minister and the accompanying delegation includes Saudi Aramco and the Jubail industrial zone to visit a number of companies for field study on Saudi experiences in the fields of energy and petrochemicals. On the other hand, oil futures fell on Wednesday for the third day in a row, Which showed a larger-than-expected decline in US crude stocks, as doubts remain about the ability of the Organization of the Petroleum Exporting Countries (OPEC) to restrict supplies as it pledged.
By 6:30 GMT, Brent crude futures were down 27 cents, or 0.5 percent, at $ 51.87 a barrel. Crude fell 0.4 percent at the previous session. US WTI crude fell 21 cents, or 0.4 percent, to $ 48.96 a barrel after falling 0.4 percent yesterday. The US Petroleum Institute said late on Friday that "US crude inventories fell more-than-expected last week, Crude oil inventories fell by 7.8 million barrels last week to 478.4 million barrels, while analysts forecast a 2.7 million barrel drop. The US Energy Information Administration is due to release its weekly oil inventories report, At 14:30 GMT Rinic today. $ 87 per barrel. Crude fell 0.4 percent at the previous session. US WTI crude fell 21 cents, or 0.4 percent, to $ 48.96 a barrel after falling 0.4 percent yesterday. The US Petroleum Institute said late on Friday that "US crude inventories fell more-than-expected last week, Crude oil inventories fell by 7.8 million barrels last week to 478.4 million barrels, while analysts forecast a 2.7 million barrel drop. The US Energy Information Administration is due to release its weekly oil inventories report, At 14:30 GMT Rinic today. $ 87 per barrel. Crude fell 0.4 percent at the previous session. US WTI crude fell 21 cents, or 0.4 percent, to $ 48.96 a barrel after falling 0.4 percent yesterday. The US Petroleum Institute said late on Friday that "US crude inventories fell more-than-expected last week, Crude oil inventories fell by 7.8 million barrels last week to 478.4 million barrels, while analysts forecast a 2.7 million barrel drop. The US Energy Information Administration is due to release its weekly oil inventories report, At 14:30 GMT Rinic today.


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