Oil price slips down nearly 1% on Monday, as the traders enclose the bets with the Organization of Petroleum Exporting Countries. They are thinking about to meet within this week to discuss over the issue if the record production cuts will be extended beyond June.
The Brent crude priced $37.50 for a barrel, they fell 34 cents on the first day of trading. West Texas Intermediate crude futures downed 32 cents, $35.17 for a barrel. OPEC crude productions dropped in their lowest in the last two decades, with expectations to recover.
The OCBC economist Howie Lee stated that everyone is looking at the OPEC+. On April OPEC+ agreed to reduce the output of exceptional 9.7 million barrels per day. It happened back in May and June when the pandemic ravaged deeply.
Algeria, who have the position of OPEC presidency, proposed for an OPEC+ meeting on June 9-10. In that meeting, it will be discussed the oil sales for countries like Saudi Arabia, Iraq, Kuwait. Russia agreed to attain the meeting.