Oil drilling rigs
Oil prices rose on Friday, backed by eased investor concerns over supply abundance after OPEC+ confirmed the possibility of adjusting the production agreement if necessary.
Brent crude for August delivery rose by 0.23%, or 18 cents, to $80.05 a barrel at 08:22 AM KSA Time.
Similarly, the futures prices for American WTI crude for July delivery rose by 0.28% to $75.76 a barrel.
OPEC+ showed readiness to adjust the recent production agreement, which entails abandoning a set of voluntary production cuts by the end of the third quarter of the year.
Speaking at Russia’s Economic Forum in St Petersburg, Saudi Energy Minister Prince Abdulaziz bin Salman said the OPEC+ production agreement is valid for a year and a half and includes all mechanisms, some of which are not new and have been used before, especially concerning halting or reversing the policy.
Russian Deputy Prime Minister Alexander Novak praised the agreement, stating that it helps balance supply and demand and provides certainty to energy markets.
https://www.argaam.com/en/article/articledetail/id/1733676
