Oil prices fall despite OPEC cuts

SANAA, March 21 (YPA) – Oil prices in Thursday session fell from their highest level they reached in 2019, but markets remain relatively consistent with supply cuts led by the Organization of Petroleum Exporting Countries (OPEC) and sanctions imposed by the US administration on Iran and Venezuela.

US WTI crude futures were $ 60.12 a barrel, down 11 cents, or 0.2 percent, from the previous settlement price, and West Texas crude hit its highest level since November 12 earlier in the session at $ 60.33 a barrel.

Brent crude futures were $ 68.52 a barrel near the previous settlement level after hitting $ 68.69 a barrel earlier in the session, its highest level since November 13.

Oil prices have risen by about a third since the start of 2019 due to OPEC supply cuts and US sanctions on Iran and Venezuela.
The OPEC oil production fell from a peak reached in mid-2018 at 32.8 million barrels per day to 30.7 million barrels per day in February.

Iran’s oil exports also declined. The United States aims to cut Iran’s crude exports by about 20 percent to less than one million barrels per day by May, through requiring countries to cut their purchases to avoid US sanctions.

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