FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia Oct 12, 2019. REUTERS/Maxim Shemetov/File photo
Oil prices are experiencing a second consecutive day of growth, marking their sixth week of gains. This increase in prices follows the commitment made by Saudi Arabia and Russia, the second and third-largest crude oil producers in the world, to reduce output until next month.
As of 0330 GMT, Brent crude futures for October have risen by 10 cents, or 0.1 percent, to $85.24 per barrel, while U.S. West Texas Intermediate crude for September has risen by 17 cents, or 0.2 percent, to $81.72.
This steady growth in prices reflects the ongoing trend of increasing values. Brent crude has risen by 15.4 percent, and WTI has risen by 18.2 percent in the past six weeks.
Saudi Arabia has extended its voluntary oil production cut of 1 million barrels per day (bpd) until the end of September. Meanwhile, Russia has announced a cut in its oil exports by 300,000 bpd for September, as stated by Deputy Prime Minister Alexander Novak.
Sources suggest that the Joint Ministerial Monitoring Committee of OPEC+ is unlikely to make changes to the overall oil output policy in their upcoming meeting. However, the announced cuts by Saudi Arabia and Russia, along with their recent comments, have raised concerns about supply, thereby supporting prices.
John Kirby, the White House national security spokesman, has stated that the United States will continue to collaborate with oil producers and consumers to ensure that the energy market promotes growth. As the world’s largest oil producer and consumer, the U.S. plays a significant role in the industry.
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