Sharp rise in US crude stocks: the only chart that explains the oil price stagnation – By Hemantha Yapa Abeywardena Palpable anxieties in the oil markets The price of oil has been down for the fourth successive week with Brent hitting below $80 again. As of 18:00 GMT on Friday, the prices of WTI and Brent recorded $75.53 and $79.62 respectively. The long-awaited meeting of the OPEC+, meanwhile, went ahead on Sunday, June 2, with some members opted for being online and the rest meeting in person. The members, although put on a brave front, tentatively agreed to extend the production cuts beyond 2024 so that the dwindling prices can be shored up. It, however, appears to be easier said than done. At present, the OPEC+ cuts its production by 5.58 million bpd – barrels per day: there are 3.36 million bpd production cuts that were due ...
Jun 10, 2024
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Articles, Hemantha Yapa Abeywardena
Tagged Brent crude oil price drop, Future of oil production cuts, Global oil demand forecasts, Hemantha Yapa Abeywardena, IEA oil demand prediction 2024, Inflation impact on oil prices, Oil price stagnation 2024, OPEC+ meeting outcomes, OPEC+ production cuts 2024, Saudi oil minister Prince Abdulaziz bin Salman, US crude oil market trends, US crude oil stocks increase, WTI crude oil prices June 2024
