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A New Rise In The World Oil Price

Baghdad, Crude oil prices rose on Tuesday, after US President Donald Trump’s statements about reducing production by 20 million barrels per day, twice what the OPEC and its allies agreed earlier.

Trump asserted by tweeting that the main oil-exporting countries would eventually reach a reduction in production equal to twice what had been agreed within the “OPEC +”.

He added: After I participated in the negotiations, I say that OPEC and its partners are looking to reduce 20 million barrels per day, and not 10 million as it was reported.

The price of a barrel of West Texas Intermediate crude for May delivery was $ 22.56, an increase of 0.67%, at around 3.20 GMT / 6:20 Baghdad time /

Brent North Sea June delivery price was $ 32.15, up 1.29%.

On Sunday, the Organization of Petroleum Exporting Countries and its partners, which is known as the “OPEC +” coalition, agreed to reduce their production by 9.7 million barrels per day for the next two months.

The agreement aims to support oil prices after a historical decline caused by the decline in demand due to the emerging crisis of the Coronavirus, and it also serves as a truce in the price war between Saudi Arabia and Russia as a result of a dispute in the strategy to be adopted. 

Source: National Iraqi News Agency

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