Sharp rise in US crude stocks: the only chart that explains the oil price stagnation
Palpable anxieties in the oil markets The price of oil has been down for the fourth successive week with Brent hitting below $80 again. As of 18:00 GMT on Friday, the prices of WTI and Brent recorded $75.53 and $79.62 respectively. The long-awaited meeting of the OPEC+, meanwhile, went ahead on Sunday, June 2, with some members opted for being online and the rest meeting in person. The members, although put on a brave front, tentatively agreed to extend the production cuts beyond 2024 so that the dwindling prices can be shored up. It, however, appears to be easier said than done. At present, the OPEC+ cuts its production by 5.58 million bpd - barrels per day: there are 3.36 million bpd production cuts that were due to expire at the end of 2024; in addition, 2.22 million bpd production cuts by 8 members of the cartel that were supposed to expire at the end of June. The OPEC+ on Sunday 2, June agreed to extend the production cuts of 3.36 million bpd by another year - until the end
