Oil prices drop, bypassing the OPEC meeting


Oil prices fell today, giving up most of the gains achieved in the previous session, after the “OPEC Plus” decision to cut production.
Brent crude futures fell 23 cents, or 0.3%, to $76.48 a barrel. West Texas Intermediate crude lost 25 cents, or 0.4%, to $71.90 a barrel.
Brent rose by $2.6 on Monday, while US crude rose by $3.3.
Yesterday, the Saudi Ministry of Energy announced that, in addition to what was agreed upon at the “OPEC Plus” meeting, that member states extend their voluntary cuts in their crude oil production by 500,000 barrels per day until the end of 2024, the Kingdom will also implement an additional voluntary reduction in its production of crude oil. Crude oil, amounting to one million barrels per day, starting in July for a month, subject to extension.
It is noteworthy that the member states of the “OPEC Plus” alliance agreed on the fifth of October 2022 to collectively reduce production by two million barrels per day, starting from November of the same year until the end of 2023.


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