Global NewsPrices Rise As Saudi Announces Oil Production Cut

Prices Rise As Saudi Announces Oil Production Cut

-

- Advertisment -spot_img
MAGIC DEALS

Following Saudi Arabia’s announcement that it would cut its oil output by one million barrels a day in July, oil prices were on the rise on Monday 5, 2023.

Prices Rise As Saudi Announces Oil Production Cut
Fuel station

As per NAN/dpa gathering, the price of a barrel (159 litres) of North Sea Brent for delivery in August stood at $77.03 on Monday morning, 90 cents more than on Friday.

The price of a barrel of U.S. West Texas Intermediate (WTI) for July delivery rose by 92 cents to $72.66.

FREE DELIVERY

Prices had risen even more significantly at times overnight.

Following a meeting of the oil cartel OPEC+ on Sunday, Saudi Arabia announced the cut after hours of negotiations.

The measure, which Riyadh said could be extended beyond July, comes as oil prices are declining due to a weakened global economy.

Read Also: Gov. Makinde Pledges Support for Mouka Foam To Site Factory In Oyo

Apart from a brief increase in April, the oil price has been falling for about a year: In mid-2022, a barrel of OPEC oil cost around $115.

As early as October 2022, the alliance, with a global market share of about 40 per cent, decided to cut production by two million barrels daily.

In contrast to Saudi Arabia and other OPEC countries, the United Arab Emirates could raise its production to some extent in the coming year.

newswebbs
newswebbshttps://newswebbs.com
New Webbs is an independent online news platform launched with the aim of connecting the world with the latest news on the web.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Bigi Treats Top 4 Nigerian Idol Contestants To Special Candlelight Dinner

Lagos, Nigeria - Bigi, the beloved beverage brand known for its exciting twists on Nigerian Idol, hosted a truly...

Health-Related Expenses: Over One Million Nigerians Are Pushed Into Poverty

A recent World Bank Group report revealed a concerning trend of over one million Nigerians being forced into poverty...

ORIGIN Tech Group Partners LBS On Human Capital Training, Development

Lagos, Nigeria - To collaborate on LBS Agribusiness Management and Greener HOPE Agricultural Productivity Programme, ORIGIN Tech Group welcomes...

Mouka Partners Herconomy, 360 Complete Woman To Present Business Grants To Women

Lagos, Nigeria - For many years, Mouka has steadfastly committed to corporate social responsibility, as evidenced by its five...
- Advertisement -spot_imgspot_img

Bigi-Sponsored Nigerian Idol Season 9 Heats Up with Top 10 Performances

Lagos, Nigeria - Africa's biggest music talent show, Nigerian Idol Season 9, sponsored by Bigi Carbonated Soft Drink brand,...

11 Killed As Explosion Hits Tanzania’s Sugar Factory

Following an explosion at a sugar factory located in Tanzania, eleven (11) workers of the company have been killed....

Must read

NIPR Governing Council: Local, International Supports For Nkechi Ali-Balogun’s Quest

Lagos, Nigeria - Endorsements have been pouring in from...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you

Buy More, Save More