In response to a question whether the return of 9.7 million barrels per day to market According to the decision orYour last + will help in scale down Oil prices, he said ‘we can not dictate market What he does,” noting that the task of constantly balancing supply and demand falls on the shoulders of all producers.
Oil prices fell, affected by demand concerns in the wake of last week’s interest rate hike, but new sanctions on Iran limited the decline.
In trading yesterday, Brent crude futures fell 47 cents, or 0.4 percent, to 119.34 a barrel, while West Texas Intermediate crude futures fell 57 cents, or 0.5 percent, to 117.02 dollars a barrel.
Central banks across Europe raised interest rates on Thursday, and some of the rate hikes shocked markets and signaled higher borrowing costs to counter soaring inflation that is putting pressure on corporate profits and squandering savings.
The wave of interest rate hikes comes on the heels of the US Federal Reserve raising interest rates by 75 basis points this week, the highest rate since 1994.
But investors remained focused on lower supplies, after the United States announced new sanctions against Iran.
The United States has imposed sanctions on Chinese companies that helped export Iranian petrochemical products, in a move that may aim to increase pressure on Iran to revive the 2015 nuclear deal.
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