Global oil prices drop after OPEC meeting postponed

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International oil prices fell, on Monday, by 3%, after talking about the possibility of postponing the upcoming meeting to discuss reducing oil production between OPEC and countries outside it.

According to the data circulated, the price of Brent North Sea crude futures for June fell 1.61% to $ 33.56 a barrel. West Texas Intermediate futures fell 3.18% to $ 27.43 a barrel.

In the same context, the Russian presidential spokesman, Dmitry Peskov, announced on Sunday that Russia did not support the dissolution of the “OPEC +” agreement and that Moscow and Russian President Putin were looking forward to a constructive negotiation process in this regard.

The Kingdom of Saudi Arabia has called for an emergency meeting of “OPEC +” countries in order to find a solution to the global oil price war crisis.

Saudi Arabia indicated that this invitation comes within the framework of the Kingdom’s permanent endeavor to support the global economy in this exceptional circumstance and in appreciation of the request of His Excellency the President of the United States of America Donald Trump and the request of friends in the United States.

Earlier last month, OPEC failed to reach an agreement with a number of independent producers, led by Russia, on a new agreement to cut supplies and control prices.

This led to a sharp collapse in oil prices, as it fell 45% since the beginning of this month, with increasing fears of a return to global oversupply and declining demand.

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