Saudi Arabia Decided to Cut Off, Oil Price Rises!

Saudi Arabia, the world’s largest oil exporter, made a critical move in production due to macroeconomic pressures. The Saudi Ministry of Energy announced this morning that they have extended the OPEC+ agreement until 2024.

The Arab country, which has 15% of the total reserves, has decided to reduce its daily oil production as of July. The Ministry is preparing to reduce the daily production of 10 million to 9 million.

Speaking to the press, Saudi Energy Minister Prince Abdulaziz made positive comments on the OPEC+ agreement. Abdulaziz bin Salman stated that they can extend the cut decision according to the situation.

OPEC+, with the Organization of the Petroleum Exporting Countries and its Russian allies, controls more than a third of crude oil supply. Saudi officials do not hesitate to criticize that the business organization should take a price-oriented decision.

Energy consulting company Rystad made a comment on oil after the statements. Experts stated that prices will rise while they estimate that the production deficit has reached 3 million barrels with the latest decision.

Analysts at the international investment institution Goldman Sachs expect the moderate rise in oil to continue.

Brent Petrol Started The Week With Rising

After Saudi Arabia’s announcement, brent oil continued its rise, which it started at the beginning of the month. Brent, which started June at $72, opened the week at $77.5, gaining 1.85% daily.

If Brent oil price continues to rise, Turkish vehicle users may see new hikes in fuel prices.

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