Brent crude oil price rose to more than $ 41
Baghdad, Oil prices rose significantly today, Friday, after it was confirmed that the countries of the (OPEC +) group will hold a meeting tomorrow to discuss the issue of extending the current production cuts, amounting to 9.7 million barrels per day.
According to data from the Bloomberg website, which was followed by the National Iraqi News Agency (NINA): “Brent crude futures were traded above $ 41 a barrel, and by 12:50 GMT, $ 41.03 a barrel was recorded, an increase of 2.6% over the price of previous close.
Meanwhile, US light crude futures increased 1.92% to $ 38.13 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, in what is known as the (OPEC +) group, will meet tomorrow, Saturday, to discuss extending production cuts and setting the global oil market.
Saudi Arabia and Russia, two of the world’s largest oil producers, want to extend production cuts of 9.7 million barrels per day for another month.
Market expert Edward Moya said: “Oil prices are heading for the sixth weekly rise, but the gains are receding as traders consider the possibility of Iraq’s full commitment to reduce supplies with suspicion.”
He added that this may be an opportunity for them to be able to extend the reduction agreement for a period of three months, but energy dealers are extremely skeptical that the commitment remains high after July.”
Source: National Iraqi News Agency