WTI crude oil prices registered a high after several weeks over latest comments by OPEC indicating its interest to continue with production cuts to support prices. Even as tensions continue to rise in the Middle East, OPEC announced its intention to continue with crude production cuts which started during the beginning of this year, in a bid to prevent oil prices from crashing.
At the time of writing, WTI crude oil prices are trading at 63.60 per barrel. On Sunday, Saudi Energy Minister Khalid al-Falih stated that OPEC+ is keep to keep crude inventories in check but would remain responsiveness towards any requirements in a “fragile market”.
OPEC+ had resolved to decrease crude oil production by 1.2 million barrels per day since Jan 1 this year for a period of six monts to prevent prices from falling lower. The next meeting is due in June to decide on whether to make any changes to levels of crude production.