JP Morgan expects Saudi Arabia to offer further cuts in oil...

JP Morgan expects Saudi Arabia to offer further cuts in oil...
JP Morgan expects Saudi Arabia to offer further cuts in oil...
JP Morgan said in a research note that the deteriorating outlook for global oil demand would motivate OPEC to backtrack on a planned easing of oil production cuts in 2021, with Saudi Arabia offering to make deeper cuts from its current quota.
Oil prices retreated on Friday, falling at the end of a week in which they made big gains due to the risk of a possible drop in supplies from Norway by as much as 25 percent due to a strike by workers in the sector.

Brent crude fell eight cents to $ 43.26 a barrel, after it gained more than three percent on Thursday. US West Texas Intermediate crude fell five cents to $ 41.14 a barrel, after rising more than 3 percent on Thursday.

The two benchmarks are on track to gain about 10 percent this week, the first rise in three weeks, as prices rose in response to a strike by workers in the Norwegian oil sector.

A Norwegian oil company and union officials said they would meet with a state-appointed mediator today in an effort that both sides hope will lead to an end to the strike.

Market observers are preparing for the impact of US production by Hurricane Delta, which is expected to hit the Gulf Coast within hours. Almost 1.5 million barrels per day have been cut off so far.

These were the details of the news JP Morgan expects Saudi Arabia to offer further cuts in oil... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Philippines.. Investigation into the sale of a mall in Saudi Arabia...
NEXT Saudi stocks decline after 4 profitable sessions .. and “Insurance” achieves...