Dubai: Crude oil prices increased after the indication that OPEC countries may reduce oil production. It has increased by three dollars. At the same time, the importing countries demanded that the producing countries should try to bring balance in the oil market by raising the production.
A significant drop in oil prices has been recorded in recent days. After the war in Ukraine, the price reached above 140 dollars per barrel. This is what dropped to 90 dollars last week. There have also been reports that the fall in prices will force OPEC countries to renegotiate some of the production policy. The energy minister of Saudi Arabia, a major oil producing country, responded that alternative measures including reduction in production would be considered to deal with the new crisis.
In any case, these signals caused a big change in the market. A three and a half percent increase in the price was reported today. With this, the price of crude oil reached 99.88 dollars per barrel. At the same time, if the final round of negotiations to revive the 2015 nuclear deal is successful, Iran’s oil will also enter the market. In such a situation, the OPEC leadership made it clear that they will have to change the production policy. As the European countries will have to face a severe energy crisis, it will be very beneficial for Iran to reach the oil market by restoring the nuclear agreement.