OPEC links the Saudi oil minister’s remarks to an agreement between Iran and the West
The price of oil, which had increased by 4% on Tuesday in reaction to the Saudi oil minister’s remarks, slightly decreased in today’s session
According to Reuters, global benchmark Brent crude fell by 40 cents to $99.82
Yesterday, the Saudi oil minister announced the possibility of OPEC reducing production to balance the market
Abdulaziz bin Salman described the current market as schizophrenic, saying that paper and physical markets are increasingly losing their connection
An oil analyst told Reuters that until serious signs from OPEC to reduce production are seen, nothing can be said
According to him, OPEC, which is currently producing 28 million barrels below its monthly target, has calculations for the decision to reduce production that are somewhat off from the norm, even if we don’t want to mention the politics behind it
Nine OPEC sources told Reuters that the possibility of OPEC making an early decision on this cannot be ruled out and speculated that this decision might coincide with Iran’s return to the oil market