Current price of $75 per barrel not enough – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Current price of $75 per barrel not enough – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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OPEC plans further reductions, forecasting future oil demand

IT seems OPEC is planning further crude oil production cuts to correct oil prices, as it is not within the organization’s targets. The current level of $75 a barrel is not enough to meet OPEC’s budget requirements. It is also not enough to cover its investment costs for sending more fresh barrels into the market. It is the lowest level since 2021. This is despite the fact that OPEC produced less volume by about 200,000 barrels of oil, mainly from Nigeria and Iraq; Nigeria due to technical problems and Iraq mainly due to legal issues between Baghdad, the North and Turkey. However despite such reductions, OPEC produced 28,600 million barrels per day less than the agreed volume last month.