The chief executive of Saudi Arabian oil giant Aramco on Wednesday attributed the ongoing depression of oil prices to recessionary fears and economic headwinds, painting a more optimistic landscape for demand to come.
Global crude oil prices have stayed tightly rage-bound just above the $75-per-barrel threshold despite a spate of additional voluntary cuts that some OPEC members are implementing until the end of 2024.
On Monday, heavyweights Saudi Arabia and Russia — who lead the group of OPEC countries and its allies, known as OPEC+ — crowed this effort with pledges for additional declines.
Riyadh intends to extend a 1-million-barrel-per-day voluntary cut initially declared for July into August, while Moscow has committed to lower its exports by 500,000 barrels per day next month.
Yet prices for Brent futures with September expiry were just $76.76 per barrel at 2:28 p.m. London time, up by 51 cents per barrel from the previous settlement.
Persons:
Aramco's Amin Nasser, Russia —
Organizations:
Organization for Petroleum Exporting, CNBC, Brent
Locations:
Saudi, Aramco, Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, London