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23 July 2017
Oil prices declined last week on doubts that the main oil producers’ countries might not agree to extend oil production cuts during the group’s latest meeting in Russia on Monday.
The vital commodity, of which Saudi Arabia is the world' top exporter, dipped to record lows in 2014. The price later recovered and has been seen stabilising since ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers agreed to curb production late last year.
Oil dropped to 10-months low on Friday, Kuwait's oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible, Reuters reported.
Further Reading
© Express 2017
Oil prices declined last week on doubts that the main oil producers’ countries might not agree to extend oil production cuts during the group’s latest meeting in Russia on Monday.
The vital commodity, of which Saudi Arabia is the world' top exporter, dipped to record lows in 2014. The price later recovered and has been seen stabilising since ministers from the Organization of the Petroleum Exporting Countries (OPEC) and other non-OPEC producers agreed to curb production late last year.
Oil dropped to 10-months low on Friday, Kuwait's oil minister Essam al-Marzouq said on Saturday that compliance with oil production cuts by OPEC and non-OPEC countries is good and that deeper cuts are possible, Reuters reported.
Further Reading
- Oil prices stable as strong demand meets ongoing supply glut
- Oil prices firm on signs of U.S. production slowdown
- Oil prices to weigh on Gulf, positive corporate news may aid Qatar
© Express 2017
