Thursday , August 5 2021

Oil drops 1% after Trump's demand for OPEC cuts


Tuesday, November 13, 2018 – 14:29
| Last Updated:
Tuesday, November 13, 2018 – 14:29

Oil prices fell by 1% on Tuesday, as US President Donald Trump fell below US $ 60 after OPEC had stopped cutting supplies to support the market.

The downturn came at a time when the dollar was at a 16-month high and increased the cost of importing oil to countries using other currencies.

WTI's crude futures were $ 59.22 a barrel, down 70 cents or 1.2 percent. Brent Brent futures were down $ 69.41, down 71 cents or a 1 percent drop from the previous close.

Brent crude and WTI have declined by more than 20% since the beginning of October, and Bank of America Merrill Lynch said, ından In addition to increasing supplies from the United States, Saudi Arabia and Russia, the oil market they are beginning to affect their stocks stok. Upgrade again ".

US oil production, which says the bank has made the US an energy state by itself, is expected to exceed US 11.6 million barrels per day and US oil production to reach 12 million barrels per day in 2019.

Kazakhstan said on Tuesday that oil production in the US rose by 4.8 percent to 74.5 million tonnes, which corresponds to 1.82 million bpd in the first 10 months of 201.8 only.

Saudi Energy Minister Khaled al-Falih said on Monday that OPEC agreed to reduce next year's oil supply by approximately 1 million bpd compared to the October level to avoid excess supply.

"We hope that Saudi Arabia and OPEC will not cut production," Trump said on Twitter yesterday. "Oil prices should be much lower than supplies." Said.

Source link