Baghdad, Oil prices recorded a slight increase, on Monday, with the direction of the (OPEC) countries to reduce production, and renewed general isolation measures to combat the Coronavirus pandemic, which raises new concerns about the global demand for fuel.
Brent crude futures rose 2 cents, or 0.4%, to $ 55.27 a barrel, while US West Texas Intermediate crude reached 52.34 dollars a barrel, recording an increase of 7 cents.
Prices have received some support in recent weeks from additional production cuts implemented by Saudi Arabia, the world’s largest exporter, and Iraq announced its intention on Sunday to reduce its production.
The second largest producer in OPEC will pump about 3.6 million barrels per day over two months, according to the Iraqi Oil Marketing Company (SOMO), as this will be the lowest level since early 2015 compared to about 3.85 million in December 2020.
Source: National Iraqi News Agency