Greater Middle East (bbabo.net) - Oil prices have gone up again. Riyadh denied the rumors of the American media about plans to increase production.
By 11:00 on November 22, Brent oil prices rose to almost $ 88 per barrel. During they won back $ 5. This is how much the quotes fell after The Wall Street Journal reported, citing OPEC members, that the cartel was discussing an increase in production by 500,000 barrels per day.
To stop the price decline, Riyadh entered the fight against rumors. As bbabo.net reported, Saudi Energy Minister Prince Abdulaziz bin Salman categorically rejected plans to cut production.
“It is a known fact that OPEC+ does not discuss any decisions prior to their meetings. The current reduction in oil production by 2 million b/d will last until the end of 2023. And if it is necessary to take further measures to reduce production in order to balance supply and demand, we will always be ready for this,” the minister warned, the Saudi Press Agency reported.
Consumer countries are doing everything possible to lower oil prices. However, producers are in no hurry to increase production. The quotes of raw materials are now under pressure from fears of tightening quarantine restrictions in China and the policy of central banks to increase the rate.
bbabo.Net