The price of OPEC’s basket of 13 crudes stood at $51.96 per barrel on May 24, as compared to $51.34 a barrel on May 23.
If OPEC fails to reach an agreement in Vienna, this would put significant pressure on prices which could fall to an annual average of $43 per barrel for Brent in 2018.
World oil prices are rising on May 25 after OPEC and non-OPEC countries moved closer to agreeing on the deal extension.
Other News 24 May 21:34
OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude
Oil&Gas 24 May 16:37
Selling of the US Strategic Petroleum Reserve would mean a greater supply to the international market, thus having a dampening effect on prices.
Oil&Gas 24 May 12:23
The price of OPEC’s basket of 13 crudes stood at $51.34 per barrel on May 23, as compared to $51.54 a barrel on May 22.
Oil&Gas 23 May 13:23
Oil&Gas 23 May 12:12
The price of OPEC’s basket of 13 crudes stood at $51.50 per barrel on May 22, as compared to $50.87 a barrel on May 19.
Oil&Gas 23 May 11:50
World oil prices are going down on May 23 after the proposal put forward by the US President Donald Trump to sell half of the country’s Strategic Petroleum Reserve.