According to CNBC, a meeting held virtually by OPEC+ members on June 2 agreed to increase oil production cuts until 2025.
Saudi Arabia, which is the largest exporter, will cut voluntary output by almost 1.7 million barrels per day until the end of 2025. Meanwhile, other small members will extend voluntary production cuts of 2.2 million barrels per day until the end of the third quarter of this year.
WTI oil prices are now still trading below the 80 price level, although on Monday's market, the oil price rose to a high of 77.30, but market doubts have brought the price back down currently at 76.76 and drawing a Doji candlestick.
Saudi Energy Minister Prince Abdulaziz bin Salman is still considering global economic conditions which are still unable to reverse oil prices. According to him, the weakening of oil prices is in line with high interest rates. He emphasized waiting for interest rates to fall and a better direction for economic growth.
Saudi Arabia, which is the largest exporter, will cut voluntary output by almost 1.7 million barrels per day until the end of 2025. Meanwhile, other small members will extend voluntary production cuts of 2.2 million barrels per day until the end of the third quarter of this year.
WTI oil prices are now still trading below the 80 price level, although on Monday's market, the oil price rose to a high of 77.30, but market doubts have brought the price back down currently at 76.76 and drawing a Doji candlestick.
Saudi Energy Minister Prince Abdulaziz bin Salman is still considering global economic conditions which are still unable to reverse oil prices. According to him, the weakening of oil prices is in line with high interest rates. He emphasized waiting for interest rates to fall and a better direction for economic growth.
