Crude oil prices slopped around the $75-barrel mark yesterday amid market rumours that Saudi Arabia may ease up on its self-imposed cutbacks in output.
India’s oil minister said his Saudi counterpart told him the Arab kingdom was revisiting its policy of cutting production, which has been a major factor in supporting prices.
Brent crude slipped down 96 cents a barrel at $74.71 while US light crude slid down $1 to $64.50-barrel on mid-session trade yesterday.
Reuters reported that the US government has unofficially asked Saudi Arabia and some other OPEC producers to boost output.
OPEC and Russia will meet on 22-24 June to decide whether to officially increase production following a fall in global oil stocks and in light of a likely fall in Iranian oil output as a result of US trade sanctions.
Meanwhile, business advisory firm Deloitte has strengthened its consultancy team in the north east with the appointment of oil and gas expert Shaun Reynolds as partner.
He has led the transaction services team in the firm’s Aberdeen office since setting it up in 2009.
7 Jun 2018
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