Oil Prices Drop As Investors Await An OPEC+ Meeting

On Monday, oil prices declined, with Brent crude moving closer to $80 per barrel. This drop comes as investors eagerly await the upcoming OPEC+ meeting, where discussions will focus on determining the size of production cuts for the year 2024, reported Al-Rai Daily.

Brent crude futures fell by 37 cents (0.5 percent) to $80.21, while West Texas Intermediate crude futures fell by 36 cents (also 0.5 percent) to $75.18.

Last week, crude oil prices increased for the first time in five weeks. It was anticipated that Saudi Arabia and Russia would extend their supply cuts until 2024, as well as that OPEC+ would address further measures for reducing production.

Prices fell in the Middle East after OPEC+ postponed a ministerial meeting until November 30. The purpose of the meeting is to resolve disagreements concerning production targets for African producers. In the group, efforts are underway to reach a consensus, according to sources.

Comments Post Comment

Leave a Comment

Submit