Riyadh: According to reports, the oil prices in the global market have declined on Wednesday and it has fallen to the lowest level since 2002.
According to French news agency AFP, the fall in oil prices has continued despite the recent drop in production by oil-producing countries.
According to sources, the price has dropped to $ 20 a barrel, after which the decline in the global market will have far more profound effects on the global economy
Meanwhile, global market researchers say that for the first time in fifty years, such prices have been so low, economists say the effects of oil prices will be profound in the ’20s.
According to experts, this is the largest decline in the production of crude oil in history. OPEC Plus is comprised of OPEC member-owners and non-oil producing countries in which Russia is the leader.
US President Trump has intervened to simplify Mexico’s terms, under which Mexican oil production will be reduced compared to OPEC Plus countries. He also thanked Abdul Aziz and President Putin of Russia.
Kuwaiti Minister of Petroleum Khalid al-Fazal said in a tweet that ‘oil production reduction agreement will be in effect from May 1, 2020 – a mid-term solution was reached with Mexico.’ AE is committed to lowering its oil production to 4.1 million barrels per day. ‘
According to the Russian news agency, the Russian Minister of Energy hoped that the oil market situation would improve by the end of the year.
The United States had vowed to ‘reduce oil production by 2 to 3 million barrels per day.’
It should be noted that due to the spread of the coronavirus, the demand for oil has decreased and the prices of oil in the global market are constantly decreasing.
Oil prices in Pakistan are also very low, but according to sources, Imran Khan consulted his cabinet a few days ago. In order to provide relief to the masses, the price of oil should be further reduced.
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