Oil prices rose above $70 per barrel of Brent, hours before the start of a meeting of the Ministerial Committee of the “OPEC Plus” alliance, today, Tuesday, to discuss the situation of the global crude market and future plans.
Global markets are awaiting the outcomes of the committee’s meeting, amid expectations that plans to ease production cuts will remain unchanged as scheduled, despite expectations of the return of oil supplies to Iran. Read also Oil prices gain on expectations that OPEC and its allies will continue to curb production High oil prices … What is the secret?In early trading, oil prices are declining, driven by rising US inventories Oil prices fall as the pandemic scatters fuel sales in India
At (06:37 GMT), Brent crude futures for August delivery rose 1.44%, or one dollar, to $70.33 a barrel.
The prices of US West Texas Intermediate crude futures for July delivery also increased by 2.16%, or $1.44, to $67.76 a barrel.
Oil prices ignored statements made by Iranian Oil Minister Bijan Zanganeh, on Monday, in which he said that Tehran is ready to easily increase its production to 6.5 million barrels per day, after the lifting of US sanctions.
Currently, Iran’s oil production is about 2.4 million barrels per day, while it recorded the highest historical level of 3.86 million barrels per day in the recent months before the imposition of US sanctions in November 2018.
And in early April, the “OPEC Plus” alliance – which includes members of “OPEC” and independent producers led by Russia – agreed to ease production restrictions by 350,000 barrels per day in May, to stabilize the production cut at approximately 6.65 million barrels per day.
The coalition agreement at the time also stipulated another easing of production cut this June, by 350 thousand barrels per day, to 6.3 million barrels, followed by another easing of nearly 400 thousand barrels per day, to 5.85 million barrels in July.