Economy

Brent prices rise to about $78

Crude oil prices rose in early trading, this morning, Tuesday, to about $ 78, driven by the stalling talks to cut production conducted by “OPEC +” alliance since last Thursday.

The price of Brent crude futures for September delivery was set at $77.65, rising by 0.61 percent, or 50 cents.

US West Texas Intermediate crude futures for August delivery rose by 2.15 percent, or $1.62, to $76.90 a barrel for the first time since November 2014.

Early today, the United States called on “OPEC +” alliance to reach solutions that satisfy all its members by resuming discussions on the future of the current production cut agreement, after the 23 members of the alliance announced, yesterday, Monday, the postponement of their ministerial meeting for a later date to complete consultations.

The discussions were marked by sharp divergences between Saudi Arabia and the UAE, as the latter demanded an increase in oil production as of next August without conditions, while Saudi Arabia and Russia required linking the increase to the extension of the production cut agreement for an additional 8 months, from April 2022, until December 2022.

The UAE also wants to adjust its reference month to reduce production, from October 1, 2018, whose oil production at the time was 3.1 million barrels per day, to April 2021, whose production at that time was 3.84 million barrels per day.

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