The oil price rose for the sixth consecutive session after the Russian energy minister said the global oil supply was “not yet balanced” and reduced market concerns about the possibility of stopping the agreement to reduce the production of the dam, reports Tsensim news agency Reuters quoting Reuters. .
Russian Minister of Energy Alexander Novak said ministers from major producer countries and non-OPEC members are scheduled to discuss the possibility of an agreement to be discussed at the next meeting of the Monitoring Committee, but also emphasized that ” We are seeing a drop in supply surpluses in the market, but the market is still not fully balanced. “
His comments sparked an increase in oil prices, but did not reach prices above $ 70, which was recorded on Thursday.
Brent crude rose by 61 cents to 69 dollars and 87 cents yesterday at the end of trading yesterday, according to the report. At the end of trading yesterday, the US crude price rose by 50 cents to $ 64 and $ 30 cents. The price of West Texas Intermediate has hit $ 64 and $ 77 on Thursday, the highest since late 2014.
Brent crude prices rose by 4.3 percent this week, and US crude prices rose by 4.7 percent.
In late 2016, the Organization of Petroleum Exporting Countries (OPEC) and Russia agreed to reduce their production by about 1.8 million barrels per day. This agreement will continue until the end of 2018.
Novak said there would be no current prices, and he will discuss the market situation with other members at a meeting in Oman, which will be held January 21.
Meanwhile, Russia’s Lukoil director, Vagit Alkaparov, said that if oil prices stayed at $ 70 for more than six months, Russia should begin to withdraw from the agreement.
source: tasnim news
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