Saudi Arabia and the UAE are leading efforts to control the balance of the global oil market

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Saudi Arabia and the UAE are leading efforts to control the balance of the global oil market, today, Wednesday, 15 July 2020 11:49 am

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History: July 15, 2020

The efforts made by the Kingdom of Saudi Arabia and the United Arab Emirates in cooperation with the rest of the members of the Organization of Petroleum Exporting Countries (OPEC) contributed to restoring balance to the global oil market during the past months.

These efforts aimed at taking into account the interests of producers and consumers resulted in a return to improvement in oil prices from various production fields approved globally. The price of OPEC basket crude rose to about $ 37 a barrel during the second quarter of 2020, an increase of 117% from the lowest level reached in the first quarter From the same year, while the increase rate at the monthly level reached in May-June / 47%.

The improvement was also reflected in Brent crude, which rose to about $ 40.77 in June of this year, with a growth of 25.8% compared to its price in May of the same year and the American crude “NYMEX” by 34.3% to $ 38.3 a barrel during the monitoring period.

The latest figures issued by the Organization of Petroleum Exporting Countries (OPEC) show a decline in average production for the 13 members to 25.627 million barrels per day during the second quarter of this year, a decrease of 2.63 million barrels compared to the average production in the first quarter of the same year.

The “OPEC Plus” resorted during the last period to reduce production and it was agreed during the last meeting held last June that resulted in extending the historic production cut of 9.7 million barrels per day for an additional month in an ongoing attempt to achieve balance in the global oil market.

It is scheduled to hold a joint ministerial oversight committee for “OPEC” countries today to consider production policy, based on developments in the market, in an indication of the organization’s keenness on maintaining the market balance in the global oil market.

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