Sunday , March 7 2021

Oil prices have fallen to their lowest level in one year



US crude futures receded for less than $ 54 a barrel for the first time in a year before recovering part of their losses amid worries that inadequate production cuts Organization of Oil Exporting Countries (OPEC) to stop the growth of stocks and to increase supply to the market.

The oil price for next January delivery in New York was about 6.2% before US energy data was released on Wednesday's census, with expectations that the share rose last week by 3, 5 million barrels, according to a Bloomberg survey. At the same time, Russia expressed doubts about its possible membership of OPEC in the new round of cuts in production.

Russian Energy Minister Alexander Novak said yesterday that his country and its allies at OPEC should watch the oil market in the coming weeks before deciding to cut production. The site contrasts with the call of OPEC's largest oil exporter, Saudi Arabia, and the world to cut production weeks before a meeting of OPEC oil ministers and foreign allies headed by Russia in its Austrian capital Vienna.

According to Bloomberg, crude oil prices in Western Texas, the Crude Oil commodity of the New York Mercantile Exchange and North Sea crude oil, fell by more than 20% over the fear of rising global surplus Buy. The US government's decision to exclude certain oil-importing countries from the commitment to sanction Iran and allow them to continue to import Iranian oil.

The WTI crude oil price dropped from $ 2.85 to $ 54.55 a barrel in January. Brent crude oil fell to $ 3.45, down from $ 63.34 a barrel in January.

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Source: Jerusalem


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