The price of Petroleum Texas Intermediate (WTI) opened this Monday with a rise of 1.63%, to US$83.14 per barrel, after having closed last week with five consecutive days of declines.
At 14:00 GMT, WTI futures contracts for delivery in December gained US$1.31 compared to the previous day’s close.
If in recent weeks it was the tension caused by the war in Gaza that dominated the minds of investors, the relative stabilization of that front is turning our attention to more endogenous factors, such as the decisions of the producing countries.
Yesterday, Saudi Arabia confirmed that it will continue to apply its decision issued last July to cut one million barrels per day of its oil production until the end of December of this year, according to a source from the Ministry of Energy of the Arab kingdom.
The measure to cut production until the end of 2023 was previously announced and met with criticism, while Saudi Arabia insists that this decision was taken to “reinforce” the precautionary policies of the Organization of the Petroleum Exporting Countries (OPEC) to guarantee market stability.
Analyst Tom Essaye, in his daily Sevens Report report, considers that it has been the latest domestic economic data in the US, which he believes are basically disappointing, that are now influencing the evolution of the Texas barrel.
Apart from the extra Saudi cut, Russia It also reduces its supply by 300,000 barrels per day until the end of the year, which is in addition to the cut of 500,000 barrels per day that also applies until December.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
