Monday , February 6 2023

The oil price will fall after the US inventory and stocks market are recorded


Oil prices continued to fall, with US crude oil production rising at record prices, and public stocks rose more than expected.

The US Energy Information Administration said oil product stocks in the US rose 5.8 million barrels last week, more than double the analysts' forecasts.

Crude oil output reached 11.6 million bpd, a weekly record, but weekly data may fluctuate. August data, latest monthly data, shows that total output reached more than 11.3 million bpd.

US crude futures fell by 54 cents to settle at $ 61.67 per barrel, which is about 20 percent lower than $ 76.41.

The Brent crude oil price fell by 6 cents to US $ 72.07 per barrel, which recovered after a six-month period in its energy reports, as confirmed by previous reports that Russia and Saudi Arabia are considering future consumption of crude oil next year.

Although Iranian oil exports are expected after United States reinstatement, which came into force on Monday, OPEC and others reported that the global oil market could observe surpluses in 2019, as demand will slow down.

Washington has also been given eight countries that import Iran's unprocessed exemptions from Tehran's sanctions.

Russia and Saudi Arabia have begun bilateral talks on returning to cut production next year, the Russian news agency Tass quoted unnamed sources. In June, OPEC decided to ease production constraints after 2017, following pressure from US President Donald Trump.

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