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Global price of oil falls

Posted: Monday, May 28, 2018. 3:41 p.m. CST.

By BBN Staff: Oil prices on the global market fell on Monday after reports that Russia and Saudi Arabia, two of the largest oil suppliers in the world, may revive oil production which was cut down  as part of a deal between Oil and Petroleum Exporting Countries (OPEC) and allies last January.

“Crude oil prices collapsed… after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second half of the year to make up for losses elsewhere under the production cut agreement,”  ANZ bank reported.

The Saudi Energy Minister, Khalid Al-Falih said on Friday that OPEC and Russia were likely to supply more oil to world markets “in the near future” to make up far a fall in output in Venezuela amid that country’s current crisis and the impact of US sanctions imposed on Iran.

Al-Falih said the decision came after extensive consultations with the Russian Energy Minister. “Whether it is a million barrels [or] more or less, we think we’ll have to wait until June before making that announcement,” he added.

OPEC oil producers and Russia are due to meet in Vienna on June 22 to discuss easing supply curbs that have helped drive world oil prices to $80 a barrel.

The sides started withholding supplies last year to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade to less than $30 per barrel.

Prices in Belize have gone up consistently over the past few weeks reaching as high as $11.35 in Belize city for Regular fuel. Prime Minister Dean Barrow in a press conference recently said that prices would be going up due to the rise in price on global markets. It is unknown if the decrease in world prices will be felt in Belize.

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