The “OPEC+” alliance meets again on June 4, and some analysts expect more cuts.
For his part, Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday that the Organization of the Petroleum Exporting Countries and its allies, “OPEC+”, will continue to act proactively, preventively and to guard against what might happen in the future. , regardless of any criticism.
During an address on the sidelines of the Qatar Economic Forum, the Minister added that “OPEC+” has 3 objectives, which are “vigilance, initiative and coverage of what may happen in the future”, as he said.
Saudi Arabia, the world’s largest oil exporter, and other “OPEC+” producers announced voluntary production cuts last April, which drove prices higher after a recession sparked by fears of the impact of a banking crisis on demand.
On the U.S. debt ceiling, the White House will meet again with Republican congressional negotiators on Tuesday to try to reach an agreement on raising the debt ceiling by $31.4 trillion, as the country risks defaulting on its obligations in less than nine days.
price movements
Brent crude futures were up $1.04, or 1.36%, at $77.02 a barrel at 2:30 p.m. GMT, and Nymex crude was up $1.05, or 1, 37%, to $73.09 a barrel.
Both benchmarks rose on Monday, after U.S. gasoline futures rose 2.8% ahead of the May 29 Memorial Day holiday, which usually marks the start of the peak summer season. fuel demand.
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