Iraq Today

  In Global, Iraq Today

Oil markets are good news for Iraq, after the price of a barrel approaches $ 40, and the OPEC meeting the day after tomorrow, if successful, will jump to a higher price!

Brent contracts rose 48 cents, or 1.27%, to settle at $ 38.32 a barrel.

US crude futures settled at $ 35.44 a barrel, down 5 cents, or 0.14 percent.

Oil prices rose slightly today, as markets await the OPEC + group of nations meeting this week to discuss the possibility of extending unprecedented production cuts beyond the end of June.

Oil prices recorded gains during last May, and were supported by the decline in OPEC crude production to its lowest level in 20 years, with demand expected to recover as more countries emerge from the comprehensive closures imposed to combat the Corona virus.

“The focus is currently on (OPEC +),” said the economist, Khou Wei Lee, and OPEC + countries agreed in April to cut production by an unprecedented amount of 9.7 million barrels per day in May and June, after demand collapsed due to a pandemic. Sk.

It is possible that the countries of the “OPEC +” group will hold a meeting this week to discuss the global oil market and the possibility of extending the agreement to reduce production. Source