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According to sources Saudi Arabia and Russia have decided mutually to produce one million barrels per day of both OPEC and non-OPEC oil to compensate the shortfall of oil. Brent crude which went up to 75.40 per barrel later fell to $ 67 per barrel. Meanwhile in the Middle East, Kuwait, Saudi Arabia and U.A.E will have a meeting on Saturday. Presently China has decided to take a decision based on the move of US President’s plan to impose tariffs on $50 billion Chinese imports.
Meanwhile the oil price tension has reduced upon some control over the market, but the world is concerned about the turmoil in Italy. Previously it was expected to build a crude oil inventory of 2.214 million barrels. Up until May 25th, the API report drew gasoline of crude oil inventories for an amount of 1.682 barrels. Cheaper crude has resulted in beating West African crude shipments to Asia.
Moreover the entire western market is changing because of the growth in
the US oil. Furthermore the Brazilian levels of crude production are also going
up and are getting shipped at cheap levels to China. Media reports added that the
Asian markets have a big reason to worry for the fact that the US crude oil
started to erode gradually and that in turn, is reducing the OPEC market share