
(3 Minutes Read)
OPEC+ removed 2.2 million barrels per day from the market to prevent prices from falling further amid a bear oil market experienced in 2024 owing to overproduction and depressed demand in China.
Oil prices edged slightly lower on Friday to erase weekly gains after US President Donald Trump urged OPEC to bring down oil prices, adding that the higher prices fueled the Russia—Ukraine War. Speaking at the World Economic Forum in Davos, Switzerland, Trump said he would ask Saudi Arabia and OPEC to lower the cost of oil in line with his energy policies—a tactic he used in his first term to try to negotiate down prices.
OPEC+ removed 2.2 million barrels per day from the market to prevent prices from falling further amid a bear oil market experienced in 2024 owing to overproduction and depressed demand in China.
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http://trendsnafrica.com/trump-tells-opec-to-reduce-oil-prices-to-end-russia-ukraine-conflict/
Last month, OPEC+ extended the production cuts to April 2025, saying it would gradually unwind the output cuts throughout the year. Kenya’s supplier UAE Murban declined 2.1% week on week to trade at USD 81.91 per barrel, while the global benchmark Brent Crude declined by 3.1% to trade at US$78.39. WTI eased 3.6% week on week to trade at USD 74.74 per barrel. Trump said the high fuel prices were fueling the Russia-Ukraine War, claiming that a fall in prices would end the dispute.