LONDON, Feb. 24, 2016.- Oil prices fell after Saudi Arabia, the largest exporter in the world, discarded production cuts and industry data showed a higher accumulation in crude inventories in the United States.
Saudi Oil Minister Ali Al-Naimi, announced that his country will not reduce oil production and the market should adapt to their low prices from now on
Reduce production cost. – such as Saudi Arabia to subsidize more expensive supplies only delay an inevitable adjustment in prices, Al-Naimi said during IHS CERAWeek international energy conference, held annually in Houston.
the Russian proposal and Saudi Arabia, which joined Venezuela and Qatar, to freeze production at the levels it had in January, was described as ridiculous by the Tehran government.
Iran made it clear that he has no interest to maintain production contained after the sanctions against him were lifted.
Iran, the country with the fourth largest oil reserves in the world, has re-entered the world market after seeing raised sanctions over its nuclear program, after reaching an agreement with the international community.
in addition, the US Energy Information Agency said that commercial crude inventories rose 3.4 barrels this week, which means that stocks are placed in 504.1 million barrels, a record high.
the American Petroleum Institute announced an increase of 7.1 million barrels in US crude stocks for the week ending last February 19th.
According to the institute, the oil reserves of Cushing, Oklahoma, a key point of delivery WTI oil, rose 307,000 barrels, encouraging fears that older storage facilities the nation are at their peak.
a barrel of Brent North Sea for delivery in April rate was quoted at USD 32.87 at the beginning of the session in the petroleum Intercontinental Exchange (ICE) electronic market.
Brent lost 41 cents (1.22 percent) compared to its previous close of Tuesday of $ 33.28 a barrel.
Meanwhile, US crude West Texas Intermediate ( WTI) for delivery in April, also at the opening, fell 74 cents (2.38 percent) and was quoted at $ 31.13.
the basket of the Organization of Petroleum Exporting Countries (OPEC) was was quoted on Tuesday at $ 29.94, representing a rise of 46 cents (1.54 percent) compared to Monday’s close, said the cartel.
TFO
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