Crude oil prices remained low on Wednesday despite Saudi Arabia’s plan to make deeper cuts against low global oil demand caused by the novel coronavirus (COVID-19).<\/p>\n\n\n\n
International benchmark Brent crude was trading at $29.59 per barrel at 06:39 GMT for a 1.3% decline after closing Tuesday at $29.98 a barrel.<\/p>\n\n\n\n
American benchmark West Texas Intermediate (WTI) was at $25.69 a barrel at the same time for a 0.35% loss after ending the previous day at $25.78 per barrel.<\/p>\n\n\n\n
Saudi Arabia, the world’s largest crude exporter, announced Tuesday that it will cut its oil production by an additional 1 million barrels per day (bpd) to 7.5 million bpd starting in June, from the 8.5 million bpd previously agreed as part of the OPEC+ deal in April.<\/p>\n\n\n\n
Under the deal, a total of 23 oil-producing nations have begun lowering their collective output by 9.7 million bpd from May 1 to June 30.<\/p>\n\n\n\n
However, crude prices continue to remain low, as air and land transportation around the world have come almost to a complete halt while global oil demand remains weak.<\/p>\n\n\n\n
Global oil consumption is expected to increase, and to raise crude prices higher, once countries in Asia, Europe and North America soften quarantine measures against COVID-19 over the following months.<\/p>\n","protected":false},"excerpt":{"rendered":"
Crude oil prices remained low on Wednesday despite Saudi Arabia’s plan to make deeper cuts against low global oil demand caused by the novel coronavirus (COVID-19). International benchmark Brent crude was trading at $29.59 per barrel at 06:39 GMT for a 1.3% decline after closing Tuesday at $29.98 a barrel. American benchmark West Texas Intermediate […]<\/p>\n","protected":false},"author":1,"featured_media":37029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9271],"tags":[10058],"class_list":["post-31970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-low-demandoil-prices"],"_links":{"self":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts\/31970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/comments?post=31970"}],"version-history":[{"count":0,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts\/31970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/media\/37029"}],"wp:attachment":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/media?parent=31970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/categories?post=31970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/tags?post=31970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}