Oil prices rose on Tuesday, recording $104.52 per barrel for Brent crude futures, and US West Texas Intermediate crude futures at $96.88 per barrel.
And Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz had made it clear, in statements to Bloomberg, that the volatility of the oil markets and poor liquidity give wrong signals to the markets at a time when the need for clarity is great, that the OPEC Plus group is more committed and flexible, and it has means within the framework The mechanisms of the cooperation declaration enable it to deal with these challenges, which include the possibility of reducing production at any time, and in different ways, which the OPEC Plus group has repeatedly and clearly demonstrated during the years 2020 and 2021.
He added: “We in the OPEC Plus group have faced more challenging situations in the past, and we have come out of them stronger and coherent than ever before. The markets, and these means include the possibility of reducing production at any time, and in different ways, which the OPEC Plus group has repeatedly and clearly demonstrated during the years 2020 and 2021, and we will soon start working on drafting a new agreement beyond 2022, in which we will continue to build on our previous experiences, achievements and successes, and we We are determined to make the new agreement more effective, and the fact that what we have witnessed during the last period of dangerous fluctuations that negatively affected the fundamentals of market performance and undermined its stability, only increases our determination to achieve this.”
And oil prices in global markets recorded weekly gains, as the international benchmark Brent crude rose by 4.4%, and the US West Texas Intermediate crude rose by 2.9%.