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Expectations of the "OPEC +" agreement to cut production raise oil prices

rocky
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Expectations of the "OPEC +" agreement to cut production raise oil prices Empty Expectations of the "OPEC +" agreement to cut production raise oil prices

Post by rocky on Wed 08 Apr 2020, 4:13 am

Expectations of the "OPEC +" agreement to cut production raise oil prices

Expectations of the "OPEC +" agreement to cut production raise oil prices 3-176-1-768x432
  
{International: Al Furat News} Oil resumed its rise today, Wednesday, after a two-day drop, as it received support from hopes that a meeting between OPEC members and allied producers would launch production cuts aimed at supporting prices that fell in light of the Corona virus pandemic.
By 0639 GMT, Brent crude rose 21 cents, or 0.8%, to $ 32.08 a barrel, after falling 3.6% on Tuesday. US West Texas Intermediate crude rose 82 cents, or 3.8%, to $ 24.45 a barrel, after it fell 9.4% in the previous session.
It is widely expected that a meeting scheduled to be held via closed-circuit television on Thursday between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is more successful than a meeting in early March. The meeting resulted in a failure to extend cuts and a price war between Saudi Arabia and Russia amid falling demand.
But concerns remain about the US role in any production cuts.
"There is a close monitoring of whether the United States will join any production cuts as markets continue to focus on OPEC meeting ... oil prices are volatile as the market is in wait and see mode," said Kim Quang-ray, commodity analyst at Samsung Futures in Seoul.
Saudi Arabia and the rest of OPEC and Russia, the group known as OPEC +, are likely to agree to cut production, but that agreement may depend on whether the United States joins the cuts. And the US Energy Department said on Tuesday that US production is already falling, without government interference.
Iranian Oil Minister Begin Zanganeh said that Iran does not agree to hold any OPEC + meeting in the absence of a clear proposal and an expected result of such talks, according to a letter to OPEC seen by Reuters.
"Saudi Arabia and Russia will continue to conclude an agreement ... The obvious is that the United States must participate," ANZ Research said in a note.
The US Energy Information Administration said on Tuesday that it is expected that the US production of crude oil will decrease 470 thousand barrels per day and that the demand is scheduled to drop by about 1.3 million barrels per day in 2020. End
Mohammed Al-Marsoumi


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