Monday , January 24 2022

OPEC, global raw material production


Oil Prices The US record crude oil prices on Thursday worried about world-class returns, which could be needed again for OPEC to increase production volumes.

The average price of oil futures for the nearest month was $ 71.29 per barrel.

On the New York Mercantile Exchange NYMEX, cost of the US Light crude oil was $ 61.68 a barrel on the New York Mercantile Exchange.

According to Benjamin Lew, a broker in Singapore, Philip Futures said: "Oil prices are exposed to protests over world-class inventories, and increase in production will threaten the delivery of the supply in the fourth quarter of 2018."

The Organization of Petroleum Exporting Countries (OPEC) has decided to set up a major oil producer in the Middle East and Russia since 2017, following the pressure from US President Donald Tramp to reduce oil prices and exacerbate production in 2017. Delivery costs from Iran.

Iran's sanctions are already taking place, despite the OPEC's decline in output.

"OPEC and Russia can cut support for $ 70 per barrel," said Ole Hansen, head of Saxo Bank's commodity strategy.

"This week, the introduction of US sanctions against Iran could not lift the market on the basis of a statement that Iranian market refused to buy crude oil within six months, including three of the world's largest importers," Hansen said.

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