Tuesday’s trading saw an increase in oil prices as a result of comments made by Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, regarding the production of “black gold” by OPEC and its allies.
At 03:28 GMT, the price of Brent oil futures has increased 1% to $97.41 a barrel. West Texas Intermediate oil futures in the US rose 1% to $91.26 a barrel in the meantime.
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, said yesterday in an interview with Bloomberg that the OPEC Plus group has mechanisms in place as part of the cooperation declaration processes to address difficulties, including the capability to restrict output at any time and in various ways.
In response to bin Salman’s comments, oil prices have increased.
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