Saudi Arabia could soon produce more oil sooner than planned.
(Photo: AP)
Singapore After the EU embargo on a large part of Russian oil imports and the end of the corona lockdown in Shanghai, the oil price continues to rise. The price of Brent from the North Sea rose by one percent to $116.90 per barrel (159 liters).
According to traders, the price increase is being held back by media reports that some members of the Opec oil cartel are considering excluding Russia from an oil production agreement. This fuels speculation that supply will increase as some Gulf states could produce more.
The price of a barrel of the US West Texas Intermediate (WTI) variety increased by 1.26 percent to $ 116.11 compared to the previous day. Oil prices had already reached highs since the beginning of March after the oil sanctions imposed by the European Union (EU) the day before.
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