US President Donald Trump’s statement that he expects Saudi Arabia and Russia to reach a production agreement that will end the price war between them in the next few days increased oil prices in international markets.
Oil prices, supported by Trump’s statements, started to rise very sharply this morning. The barrel price of Brent oil increased by more than 12 percent and exceeded 28 dollars. The barrel price of Brent oil was reduced to 24.50 levels yesterday.
The barrel price of West Texas Intermediate oil rose $0.94 to $21.25 on NYMEX.
Trump will meet with US oil companies
US President Donald Trump stated that he will meet with executives of US oil companies tomorrow and expects to discuss a number of options to help the sector. Since US oil producers produce shale oil, oil extraction costs are around 30-35 dollars. Many US oil companies have not been able to produce for a while after oil prices fell far below costs.
Demand is falling, stocks are rising
Rystad Energy expects global crude oil demand to decrease by 23 percent in April to 77.6 million barrels per day. Following the falling demand, manufacturers’ stocks are also increasing rapidly. Oil stocks in the USA experienced the largest increase since 2016 with 13.83 million barrels last week.
Source: https://www.dunya.com/sektorler/enerji/uzlasma-beklentisi-petrol-fiyatlarini-yukseltti-haberi-466617
