Oil prices are falling towards US$70 (S$94.55) a barrel on concerns about global economic growth and its impact on fuel demand. Read more at straitstimes.com.
DUBAI – Opec and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despiteOpec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, pumps around 40 per cent of the world’s crude and supplies around 60 per cent of the oil export market, meaning its policy decisions can have a major price impact.starting from May and to continue to the end of 2023.to output targets versus an August 2022 production baseline.
The surprise announcement in April helped to drive benchmark Brent crude prices about US$9 per barrel higher to above US$87 over the days followed, but Brent has since lost those gains to trade below US$73, under pressure from concerns about global economic growth and its impact on fuel demand. The Kremlin on Thursday did not comment on the meeting’s outcome, but Kremlin spokesman Dmitry Peskov said relations with Saudi Arabia were “constructive, based on mutual understanding, mutual respect, mutual trust”.“At this precise time, no change for the meeting but as usual, depending on the mood of some, everything can change,” one Opec+ source said. This view was echoed by three other sources, all of whom asked not to be named.
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