Oil prices erase their gains and fall after a Saudi TV...

Oil prices erase their gains and fall after a Saudi TV...
Oil prices erase their gains and fall after a Saudi TV...

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.

Source: Reuters

Follow RT onRT
RT

These were the details of the news Oil prices erase their gains and fall after a Saudi TV... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US Fed holds key rate steady for fourth straight meeting

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]