The world price of oil today, 19 Azar; Brent was 71 dollars and 39 cents
reported by Mehr News Agency quoted by Reuters, the price of oil has increased in trading on Monday following the escalation of tensions in the Middle East after the fall of Bashar al-Assad’s government in Syria. These developments neutralized concerns about weak demand in China.
The price of a barrel of Brent North Sea oil today increased by 27 cents equal to 0.38% to 71 dollars and 39 The tradition arrived. Texas Intermediate oil West also increased by 27 cents equal to 0.40% to $67 and 47 cents are traded.
Brent oil decreased by more than 2.5% and American oil by 1.2% during the last week. Considering the weakness of global demand, despite OPEC+’s decision to postpone the production increase and extend the production cut until the end of 2026, analysts have predicted a supply surplus for next year.
Saudi Aramco, the world’s largest crude oil exporter, has set its official price for selling its oil in January 2025 to Asian buyers to the lowest. The figure has decreased since early 2021. Weak demand from China as the world’s largest oil importer affects the market.
Meanwhile, the fall of Bashar al-Assad’s government has created a wave of new unrest in the Middle East and supported the oil market.
On Thursday, the Organization of Petroleum Exporting Countries and its allies in the OPEC+ alliance postponed the start of their production increase for 3 months until April and extended the car production reduction plan until the end of 2026.
OPEC Plus, which owns half of the world’s oil production, planned to increase its production from October this year. But the slowdown in global demand growth, especially from China and the increase in production from non-member countries This project was postponed several times.
The number of oil and gas wells in the United States last week also reached the highest figure since early September, which indicates an increase in production in the world’s largest crude oil producer.
