NOURNEWS- The final price of the Brent crude index on Monday (May 12) was $ 29.63 and the US dollar index was $ 24.14.
Saudi Arabia's unexpected decision to tighten its supply cut in June to help reduce the oversupply caused by the outbreak of the corona virus, which has weakened demand, pushed up oil prices today.
Saudi Arabia announced overnight that its oil production would drop by 1 million barrels per day in June, bringing its total production to 7.5 million barrels per day, down nearly 40 percent from April.
Stephen Ines, senior market strategist at OxyTrider, said the drop in supply would encourage other members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC Plus, to agree to cut production and even offer more voluntary cuts. A return to equilibrium in global oil markets could accelerate it.
ILNA
NOURNEWS