Half a dollar separates Brent from the 70 levels – Saudi News

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The price of a barrel of “Brent” oil jumped at the end of last (Friday) trading by 4.2%, to stabilize the price of a barrel at the level of $ 69.54 a barrel, after the group «OPEC Plus» agreed not to increase supplies next April, and is expecting a greater recovery of demand coinciding with the Corona virus . Goldman Sachs Commodities Research raised its forecast for Brent to $ 80 in the third quarter of this year 2021.Energy Minister Prince Abdulaziz bin Salman had confirmed that Saudi Arabia would extend the voluntary oil production cut of one million barrels per day, indicating that the retreat from the voluntary production cut would be gradual, and during the ministerial meeting of OPEC and OPEC Plus, he said: “We are not at all.” Hurry, and we will remain vigilant and alert to market developments, ”he said, adding that the Kingdom will decide when to end the voluntary production cut“ at the appropriate time ”.

The minister stressed that the “OPEC +” group does not care about prices, saying: “We do not care about prices, but we target the fundamentals of the market and achieve sustainable stability in it, and we seek to return stocks to normal levels before the onset of Corona, and we will be reassured when stocks decline to 2015 levels.”

He explained that Saudi oil policies are reliable at the global level, indicating that the Kingdom has implemented the voluntary cuts with all transparency and accuracy in the interest of stability and market balance, adding that it was agreed to give an opportunity to producing countries to demand production compensation by extending the deadline to next July.







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