Crude oil prices rose today, Tuesday, after US President Donald Trump’s statements about reducing production by 20 million barrels per day, double what OPEC and its allies agreed earlier.
The price of a barrel of West Texas Intermediate crude for May delivery was $ 22.56, an increase of 0.67%, and Brent North Sea price for June delivery was $ 32.15, up by 1.29%.The Organization of Petroleum Exporting Countries and its partners, or the “OPEC +” coalition, agreed on Sunday to cut production by 9.7 million barrels per day in May and June.
But Trump stressed on Monday that the major oil-exporting countries would eventually reach a cut in production equal to twice the OPEC + agreed.
“After I participated in the negotiations, I say that OPEC and its partners are looking to reduce 20 million barrels per day, and not 10 million as it was reported,” he wrote in a tweet.
Stephen Ennis, global market strategy officer at AXI Corp., pointed out that market players are currently focusing on determining the size of the decrease in demand driven by the outbreak of the new Corona virus, noting that the size of the decline has not been determined, which means that the possibility of lower oil prices also remains Incoming. “