Wednesday , May 25 2022

Major oil producing companies in Abu Dhabi have resumed the crisis of 2014 as a result of a sharp decline in prices for raw materials on Sunday.

At the beginning of October, oil prices will raise the fifth level of their value in a month after the four-year high in October, a combination of high demand-driven factors and a growing demand.

Brent crude for the first time since April fell below $ 70 per barrel on Friday, and the West Texas Intermediate (WTI) in New York is below $ 60 a barrel, nine months below the bar.

The United States has increased shale oil production, while Saudi Arabia, Russia and others have raised oil deliveries as part of a slowdown in demand.

The slide shows that the US has far more gentle influence than anticipated Iranian sanctions on Iranian exports.

"Forex analyst Fawad Razakzada told AFP in an interview with AFP:" Prices have lagged behind the growth in raw material supplies from major manufacturers like Saudi Arabia, Russia and the United States.

"Iran's sanctions are not initially scary, and officials from OPEC and OPEC member firms may discuss the need for a reduction of up to 100 percent on weekends, or a reduction in prices in 2014," he said.

Energy ministers from Russia and Saudi Arabia are participating in a meeting of the Joint Ministerial Monitoring Committee, which oversees production levels for OPEC and non-OPEC officials.

The second and third crude oil producers in the world – thanks to the saliva oil in the United States, became the basis of the Alliance of Manufacturers, capable of boosting oil prices after the accident in 2014 due to Russia and Saudi Arabia.

From the beginning of 2017, through major production breaks, oil prices have fallen below $ 30 per barrel in October and significantly improved their revenues.

However, producers in June have reduced production volumes in the aftermath of the rigid trade and high market prices, allowing the market to produce hundreds of thousands of additional barrels.

Saudi Arabia to raise $ 9.9 million a day in October Produced from barrels, which increased by 10.7 million tons in October. Up to Barrel, said Minister of Energy Khalid al-Fali.

Kuwait, Iraq, Russia and the United Arab Emirates have also increased their productivity.

Economist Intelligence Unit analyst Kylein Birch said that the decline in demand for petrol would be the case in China, the world's largest crude oil importer.

"The recent fall in oil prices reflects the combination of factors, the slowdown in oil demand, and China's GDP growth rate," Birch told AFP.

It is not necessary to make decisions at a meeting with Kuwait, Venezuela and oil ministers of the United Arab Emirates, but most likely, signals will be sent.

It is expected that next month, the main ministerial meeting in Vienna will give important recommendations for production cuts for OPEC and OPEC producers.

Germany's second-largest lender, Commerzbank, said Friday's oil producers must act to avoid a drop in prices.

"If they do not specify their intentions to recover the most recent growth, then the oil price may go down further," the bank wrote.

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