an hour agoOil prices rise after Biden failed to ensure increased production by Saudi Arabia
Periskopi(4 years ago)
(4 years ago)The price of oil rose on Monday after US President Joe Biden returned from his visit to the Middle East without an agreement on growing production, writes The Guardian, Pryscopy. Beden had hoped to secure a pledge from Saudi Arabia to increase its oil production that she wants [...]
Beden had hoped to secure a pledge from Saudi Arabia to increase its oil production that would provide a relief to pressure on global supply.
But the price of crude oil '%Brent) rose for 2.6% on Monday after Saudi Arabia's Foreign Minister Faisal bin Farhan Al Saud extinguished the growing speculations.
He said officials during the US Summit, Saudi Arabia, which was held on Saturday, did not discuss the oil issue, and states from Opes+ would continue to assess market conditions.
Naeem Aslam, from Avatrade, said: “The message is that Opes+ makes the decision on oil supply, and the organisation is not entirely interested in what Biden is trying to reach”.
“Opec+ will continue to control oil supplies and a single country cannot specify oil supplies” - at least this is the message that traders have received from Biden's visit to Saudi Arabia. /Periscopi/
