Oil prices soared after the call of Saudi Arabia

US, WASHINGTON (ORDO NEWS) — Saudi Arabia called for an urgent meeting between OPEC + and a group of other countries in order to reach a fair agreement that will restore the desired balance in the oil markets.

It is noted that the call for an extraordinary summit is associated with the desire of Saudi Arabia to support the global economy in exceptional circumstances and in appreciation of the request of US President Donald Trump and his friends in the United States.

Over the past period, Saudi Arabia has made efforts to reach an agreement within the OPEC + group to restore equilibrium in the oil market. The initiative received support from 22 OPEC + countries, but agreement was not reached due to a lack of consensus.

The President of the United States wrote us on his Twitter page yesterday: “If this happens, it will be a great achievement for the oil and gas industry!” Following a statement by the American leader, Brent and WTI futures soared by more than 30%.

At the beginning of the year, oil prices fell to a record $ 20 per barrel, losing more than a third of their value after the failure of the OPEC + negotiations and Saudi Arabia’s announcement that it intends to increase production from 12 to 13 million barrels per day.

Saudi Arabian state-owned company Saudi Aramco has announced that crude oil supplies will be increased by 300 thousand barrels per day, which is higher than the company’s maximum production capacity of 12 million barrels per day.

A spokesman for the Saudi Arabian Ministry of Energy said the authorities would use natural gas from the Al Fadhili gas plant to offset about 250,000 barrels per day of domestic oil consumption, allowing the kingdom to increase crude oil exports.
Recall that OPEC and non-member countries (OPEC +) have been cutting oil production for more than three years to maintain stable prices.

A spokesman for the Iraqi Oil Ministry said authorities support Saudi Arabia’s call for an emergency OPEC + meeting to rebalance the oil market and stop the collapse in oil prices.

He expressed confidence in the possibility of agreeing during the next OPEC + meeting a formula that will help achieve positive results that will help restore stability in the global oil market.

Meanwhile, Mexico’s Minister of Energy Rocio Nale made it clear that he supported the initiative of oil-producing countries that are trying to stabilize the situation in the oil market.

She tweeted that she would be glad there is the USA, Saudi Arabia and Russia will go the same way.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.