The global price of oil today, December 6; The drop in oil prices stopped
reported by Mehr News Agency, oil prices have increased but are on the verge of a weekly decline. The announcement of Trump’s plans to boost domestic production and the demand from OPEC to lower the price of oil have been factors affecting the price of this commodity.
The price of a barrel of Brent North Sea oil today increased by 21 cents, equivalent to 0.27%, to $78.50 The tradition arrived. Texas Intermediate oil West also increased by 4 cents equal to 0.05% to $74 and 66 cents are traded.
Brent oil has decreased by 2.8% and American oil by 4.1% over the past week.
Trump on Friday emphasized his request to the Organization of the Petroleum Exporting Countries to lower the price and hit Russia’s financial resources and end the war in Ukraine.
He said: “One way to quickly stop the war is for OPEC to give up its high income and lower the price of oil.” In this way, the war will stop immediately”.
The threat of heavy sanctions against Russia and Iran, which are among the world’s largest producers, undermines Trump’s goal of lowering energy costs.
On Thursday, in an interview with the World Economic Forum, he said that he wants OPEC and Saudi Arabia to lower the price of oil.
The OPEC+ alliance, which includes Russia, has not yet responded to Trump’s request, but the group’s representatives had already decided to increase their oil production from April.
OPEC is not expected to change its policy unless its infrastructure changes. Therefore, the markets will remain silent until the status of sanctions and Trump’s tariff policy is determined.
The American Chevron company announced on Friday the production in the oil field restriction, which brings its production to about 1% of the global supply of crude oil and increasingly calls into question OPEC’s efforts to limit production.
Trump declared an energy emergency on Monday and lifted environmental restrictions on energy infrastructure to fulfill his plans to maximize domestic oil and gas production. These measures can support the oil demand, but it will probably cause an oversupply.
On the other hand, the US Energy Information Administration announced that the country’s crude oil reserves have reached the lowest level since March 2022.
