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Oil prices stabilized during trading yesterday, with the official holiday in the US markets, after the Organization of Petroleum Exporting Countries (OPEC) announced that the decision of the main oil-consuming countries to put part of their oil reserves for use, will lead to the emergence of a surplus of oil in the markets early this year.
And the Bloomberg News Agency indicated that oil futures contracts on the New York Mercantile Exchange today are trading at about $78 a barrel, while the volume of trading was little due to the American Thanksgiving holiday.
Bloomberg added that expectations of a surplus in the markets came from the Council of the Economic Committee, an advisory body for OPEC, before the next meeting of the OPEC countries and their allies in the OPEC Plus gathering, to review the production policy of the gathering next week.
For its part, the Iraqi Oil Ministry confirmed, today, Thursday, that the Organization of Petroleum Exporting Countries (OPEC) is cautiously dealing with pumping operations and production cuts, and pointed out that its policies have achieved great success.
The ministry’s spokesman, Assem Jihad, told the Iraqi News Agency (INA): “The steps taken by OPEC aimed to restore balance to the oil market, and restore stability between supply and demand as a result of the crises witnessed by the global economy.”
He explained that the “OPEC Plus” alliance program led to “absorbing the oil surplus and improving oil prices in global markets.”
At the same time, the UAE Ministry of Energy and Infrastructure confirmed that it is fully committed to the agreement to declare cooperation in the “OPEC Plus” group.
The price of West Texas Intermediate crude, the benchmark for US oil, fell only 0.3% to $78.16 a barrel for delivery in New York today. Brent crude, the benchmark for North Sea oil, fell 0.1% to $82.17 a barrel.
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