Oil prices tumbled today, Thursday, erasing gains made earlier, after a Saudi channel report stated that the Kingdom’s oil production would exceed ten million barrels per day, for the first time since the start of Corona.
Al-Arabiya’s report came after the members of the “OPEC +” group agreed to adhere to the previously agreed-upon plan to gradually raise production.
Brent crude fell $1.45, or 1.8 percent, to a settlement price of $80.54 a barrel.
US West Texas Intermediate crude fell $2.05, or 2.5 percent, to settle at $78.81 a barrel, down from a high of $83.42.
Since Tuesday’s close, Brent and West Texas Intermediate are down about five percent and six percent, respectively.
And “OPEC +” agreed at a meeting today, Thursday, to stick to plans to increase oil production by 400,000 barrels per day from next December, despite calls from the United States for more supply to curb prices.
Saudi Arabia rejected calls to increase oil supplies at a faster pace from “OPEC +”, but the “Al-Arabiya” report said that Saudi production would reach ten million barrels per day in December.
Saudi Energy Minister Prince Abdulaziz bin Salman said today that oil inventories will witness a “tremendous” rise at the end of 2021 and early 2022 due to the slowdown in consumption.
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