© Reuters.
Investing.com – Data has now been released, recording a huge increase of about 17 million barrels, while expectations were hovering around a rise in the range of 1.3 million barrels.
The US Energy Administration’s information data revealed an increase in oil inventories by 17.049 million barrels, compared to expectations for a decrease of 1.367 million barrels, while it recorded a decrease in the week before last by 600 thousand barrels.
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It is expected that the “OPEC +” ministerial committee, during its meeting that will be held on Friday via the Internet, will keep the current oil production policy unchanged, according to “Reuters” sources familiar with the matter.
And one of the sources attributed that expected decision – during the meeting that the alliance will hold via the Internet – to the rise of the Syrian government.
It is scheduled that the “OPEC +” ministers will meet on Friday to review the oil market situation, and the Joint Ministerial Monitoring Committee may call for a full meeting of the alliance if necessary.
And on the twenty-first of July, the UAE Energy Minister, Suhail Al Mazrouei, told Reuters that the current “OPEC +” steps are sufficient for the time being, and that the alliance only needs to make a phone call if more steps are needed.
It is now declining by 1.85% to 83.27 per barrel.
While Texas crude fell by 2.25% to $79.5 a barrel.
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2023-08-02 14:50:00
#Urgent #Oil #Inventories #Surpass #Exceeding #Expectations #Investing.com
