Page 27 - Pec News Today

The members of the OPEC group of major petroleum exporters and its allies gathered in the capital of Austria on June 3 to discuss the recent developments in the global oil market and moves to stabilize the situation.

This will put the Kingdom’s oil production at 9 million barrel per day, and the Kingdom’s total voluntary cut will be 1.5 million barrels per day.

Crude oil prices rose sharply on Thursday on hopes OPEC and its allies will announce a cut in production. Oil prices were also supported by a weak U.S. dollar and the passage of the debt ceiling bill in the House of Representatives.

The UAE on Wednesday slashed retail petrol prices by 21 fils per litre for the month of June across all three variants of Super 98, Special 95 and E-Plus, ..

Oil prices dropped $0.59 and $0.42 on the barrel of Brent and West Texas Intermediate (WTI) crudes on Tuesday, according to Reuters.

Oil prices started the week higher thanks to news that President Biden and Kevin McCarthy had reached a provisional agreement on raising the debt ceiling.

Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy

Oil prices were down slightly on Friday morning as mixed messages from OPEC+ sparked uncertainty amongst traders.

Oil majors have reduced their research and development budgets, a worrying sign for oil sector efficiency.

Sentiment in oil markets remain bearish, but bold statements from Saudi Arabia’s have given the bulls hope that OPEC+ may once again cut output.