Oil prices drop as OPEC + meeting awaits


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Oil prices drop as meeting results awaited


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Oil prices fell on Monday, as markets awaited the outcome of the ministerial monitoring committee meeting of the “OPEC +” agreement, and the meeting is scheduled to be held on July 15.

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By 08:26 Moscow time, Brent crude futures fell 0.72% to $ 42.93 a barrel, while US light crude futures fell 0.81% to $ 40.22 a barrel.

The US crude contracts fell 0.3% last week, while “Brent” contracts recorded gains of 1%.

Analysts say, “The OPEC + group may take an unexpected decision this week and decide to extend the current production cuts, which amount to 9.7 million barrels per day, for another month, in light of the high levels of crude stocks in the United States, and the possibility of a second wave of pandemic.” Sk. ”

However, informed sources rule out that the current cuts will be extended for another month, amid signs of a recovery in the global economy.

This means that the OPEC + cuts in August will be 7.7 million barrels per day, down from the current 9.7 million barrels, and this step will be based on the “OPEC +” agreement, which was concluded last April.

This comes at a time when US data showed that the number of oil and gas rigs operating in the United States fell this week by 5 units to 258 units.

The number of operating oil platforms operating decreased by 4 units and reached 181, according to data from the American oil services company “Baker Hughes”.

Source: “Interfax”


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