Oil prices rose on Friday, continuing to climb after OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements and as...
TOKYO - Oil prices rose on Friday, continuing to climb after OPEC + members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements and as an interest rate cut in Europe raised the prospect of a similar U.S. move.
Attending an event in Russia on Thursday along with Russian Deputy Prime Minister Alexander Novak, Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ can pause or reverse voluntary output increases if it decides the market is not strong enough. "The sweet spot for OPEC+ lies within the price range we've witnessed - low 80s to high 70s . Despite some Russian volumes being cut from the market due to sanctions and drone attacks, the impact remains manageable," he said.
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