Monday , January 25 2021

The plan to turn the crane gave rise to oil prices



Oil prices have declined after a meeting Monday in the OPEC oil cartel and a Twitter report from US President Donald Trump about oil stocks.

On Tuesday night, North Sea oil prices were just over $ 65 for the dish, which was a big slump compared to the October peak at $ 87 a barrel.

The price decline came after OPEC released new forecasts on Tuesday about reduced demand growth in 2019, and signaled that Saudi Arabia and other oil countries are planning to slow production, the Financial Times said.

"There is no doubt that production must be cut, due to excess production," Carsten Fritsch at Commerzbank said for the newspaper.

Tuesday's decline came after a slight increase on Monday when Saudi Arabia, the world's biggest oil producer, announced that it would cut production.

The US president was in the field on Monday night and questioned what he meant about the cuts. Hopefully, it is not Saudi Arabia or OPEC in oil production. On the basis of inventory, prices must be much lower, he wrote.

"A Twitter-gal president, a weak Saudi crown prince and confused oil investors contributed to suppressing oil prices," analyst analyst Bjarne Schieldrop told DN.

He believes that the fall in prices can also be explained by rising oil stocks in the US, where the price of American light oil has fallen to very low levels.


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