The price of other oil grades – Brent, WTI and the Organisation of Petroleum Exporting Countries, OPEC Basket – also stood at $67.48, $59.98 and $66.67 per barrel respectively in the market.
“All participating countries present at the meeting, individually and collectively, assured the Committee that they will exceed their voluntary production adjustments over the coming months.
Meanwhile, Saudi Arabia has started pushing towards the realisation of $70.00 through its oil cut policy. Oil price.com stated: “Saudi Arabia has been signalling for weeks that it is and will be doing whatever it takes to rebalance the oil market by slashing exports and pumping well below its quota under the OPEC+ deal—despite US shale’s persistence.
“Yet, while neither the Saudis nor OPEC would officially admit that they are aiming for higher oil prices or a specific price of oil, the combined efforts of the OPEC/non-OPEC group to withhold 1.2 million bpd of supply are targeting a tighter market—and higher oil prices.”