According to remarks given by Abdulaziz bin Salman in an interview for Bloomberg, the Saudi energy minister claimed that OPEC+ had the tools to address problems, even reducing production.
The price of the benchmark Brent crude oil had risen to $99.00 bbl by 2.6%. A price of $92.70 was reached by the West Texas Intermediate (WTI).
Oil prices have risen dramatically this year, almost reaching an all-time high of $147 in March as availability issues were made worse by the war between Russia and Ukraine. Ever since, price pressure has been caused by worries of a worldwide downturn, inflationary pressures, and lower demand.
Emphasis is also on the possibility of a nuclear agreement involving Iran and the international powers, which would increase oil exports from Iran. One of Iran’s primary objectives for reviving an agreement had been lifted.
Although the price of Brent futures has declined significantly from its high of 2022, the price differences, as well as the structure of the market itself, continue to indicate a constrained supply of oil.
The most recent weekly estimates of US stockpiles are anticipated to indicate a decrease of 1.5 million barrels in oil stockpiles, underscoring the limited supply.