Thursday , July 29 2021

The plans to convert the cranes originated the prices of petroleum

Oil prices dropped after the Monday meeting on the OPEC oil cartel and Twitter reports from US President Donald Trump on oil stocks.

On Tuesday night, the price of North Sea oil was more than $ 65 for the plate, which is a major slowdown compared to the October top in the barrel of $ 87.

The drop in prices occurred after OPEC launched new forecasts on Tuesday about lower demand growth in 2019 and signs that Saudi Arabia and other oil countries are planning to slow down production, writes Financial Times.

"There is no doubt that production should be cut, as it is overproduction," says Carsten Fritsch at Commerzbank for newspaper.

Tuesday's fall comes after a slight increase on Monday when Saudi Arabia, the largest oil producer in the world, announced it would cut production.

The president of the United States was in the field on Monday and questioned what he wanted to say about the cuts. Hopefully it is not Saudi Arabia or OPEC in oil production. Based on the supply, prices should be much lower, he wrote.

"A Twitter-gal president, a weakened Saudi-Arab prince and confusing oil investors help reduce the price of oil," analyst analyst Bjarne Schieldrop told DN.

He believes that the fall in prices can also be explained by the increase in oil stocks in the United States, where the price of light American oil has dropped to very low levels.

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