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Oil – Second Day of Rising Barrel Prices Ahead of OPEC Meeting

Written by Roberta Souza
Published on 03/04/2020 at 18:45
energia, petróleo
energia, petróleo
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This is the second day of rising oil barrel prices! The reason? The proximity of a new round of negotiations between Russia and OPEC (Organization of the Petroleum Exporting Countries), scheduled for next week.

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As of this afternoon, the traded value of the WTI barrel was US$ 28.65, marking a 13% increase. Meanwhile, Brent crude was being traded at US$ 34.70, up by 16%.

The new meeting between the oil-exporting countries and the Russians will take place on April 6, next Monday, virtually.

During this week, Donald Trump, President of the United States, mentioned on a social network that Saudi Arabia (OPEC leader) and Russia would cut oil supply by up to 10 million barrels per day, at least. However, the information was not confirmed by any of the parties involved.

If true, an agreement between Saudi Arabia and Russia means, in practice, a recovery in oil prices, which have suffered significantly in recent days. Since both intensified their relations and broke their production cut agreement, the barrel has seen a severe devaluation, dropping from US$ 50 (beginning) to US$ 20 (end of last month).

Roberta Souza

Author for the Click Petróleo e Gás portal since 2019, responsible for publishing over 8,000 articles that have garnered millions of views, combining technical expertise, clarity, and engagement to inform and connect readers. A Petroleum Engineer with a postgraduate degree in Industrial Unit Commissioning, I also bring practical experience and background in the agribusiness sector, which broadens my perspective and versatility in producing specialized content. I develop content topics, disseminate job opportunities, and create advertising materials tailored for the industry audience. For content suggestions, job vacancy promotion, or advertising proposals, please contact via email: santizatagpc@gmail.com. We do not accept resumes

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