I wrote – Marwa Al Ghoul Wednesday, August 02, 2023 03:00 AM
OPEC estimates indicate a decrease in the monthly average price of the OPEC basket of crudes during June 2023 to $75.2 per barrel, a decrease of 0.8% compared to the previous month. That is, a decrease of 20.8% compared to 2022, according to the monthly bulletin on petroleum developments in the global markets of the Organization of Petroleum Exporting Countries (OPEC).
The report added that the average prices of the OPEC basket of crudes decreased during the month of May 2023 by 9.9% ($8.3 a barrel compared to April, to reach $75.8 a barrel. This is mainly due to the increase in selling by investors in the futures markets, and the abundance of supplies. From crude oil in northwest Europe, the demand outlook is uncertain, with purchases from many Asian refineries declining, amid renewed concerns about the economic slowdown and worries about the US banking sector.
2023-08-02 00:00:00
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