OPEC links the Saudi oil minister’s remarks to an agreement between Iran and the West.
The price of oil, which had risen by 4% on Tuesday in reaction to the Saudi oil minister’s remarks, slightly decreased in today’s session.
According to Reuters, the global Brent crude oil benchmark fell by 40 cents to reach $99.82.
Yesterday, the Saudi oil minister announced the possibility of an OPEC production cut to balance the market.
Abdulaziz bin Salman described the current market as schizophrenic and said that paper and physical markets are increasingly losing their connection.
An oil analyst told Reuters that without serious signs from OPEC about production cuts, 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 cut production that are somewhat off from the normal case, especially if we don’t want to mention the politics behind it.
Nine OPEC insiders told Reuters that the possibility of OPEC making an early decision on this matter is not ruled out, and it is speculated that this decision might coincide with Iran’s return to the oil market.
