Oil prices record $ 85.12 for Brent and $ 80.70 for US crude
Oil prices recorded $ 85.12 a barrel for futures for world measurement crude, and US West Texas Intermediate crude futures recorded $ 80.70, when the trading of last Thursday was settled, as prices made weekly gains for the third week in a row.
Dr. Muhammad Al -Bahwashi, the economist, said that the "OPEC" decision to reduce its oil production causes inconvenience to the major countries of the world, which depend entirely on oil in its daily life and its industrial fields.
Al -Bahwashi added, through a phone call to the "Extra News" satellite channel, that the reduction of oil production that we are witnessing today is not the first reduction, adding: "It happened before that last October, as we exceeded the reduction of the production of 3 million and 750 thousand barrels."
He continued: "I think that this reduction will affect the lack of supply, which leads to a significant increase in oil prices in the coming period, and this step came as a result of several reasons, as the negative indicators that are issued day by day in all international financial institutions expect to continue to shrink and slow down Growth with a continued blurry.
The United States has criticized the OPEC+decision to reduce oil production by more than two and a half million barrels per day, starting next May.
