Oil prices jump in Asia after OPEC announces continued insistence on production cuts

Oil prices in Asia 20th jumped after OPEC+ Member States expressed interest in continuing to cut production this year, according to the Oil and Gas yearbook in London on May 20. U.S. WTI crude futures rose 1.3% to $63.75 trillion/barrel as of 12:20 Eastern time (04:20 GMT).

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International Brent crude oil futures rose 1.4% per cent to $73.20 trillion/barrel.

19th (Khalid Al Falih), Saudi energy minister, has said OPEC members have reached a “moderate” consensus to push down crude oil inventories, but the Saudis will still respond to demand for “fragile markets.”

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It comes after OPEC decided to cut oil supplies by 1.2 million barrels a day for the first six months of 2019, leading to a 40% per cent rise in oil prices so far this year. At a news conference after OPEC and other producers met, Mr Falih said “the second half priority is to maintain production management and allow inventories to dwindle gradually, but certainly to decline towards normal levels.”

Meanwhile, Mazuru, energy Secretary of the United Arab Emirates (UAE), told reporters that maintaining a production reduction strategy was not the “right decision.” In the end, OPEC will make a formal decision on production cuts on June 25.

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