Oil prices plummeted based on the promises of Saudi Arabia to increase shipments


The Minister of Energy of Saudi Arabia, Khalid al-Falih, said during the Future Investment Initiative forum that in order to counter the oil shortage in the world market, Saudi Arabia intended to increase its production by 1-2 million barrels per day. This statement pushed oil prices to plummet. By 18:13 Moscow time on Tuesday, Brent crude fell 2 dollars 23 cents to 77 dollars 60 cents per barrel. The price reduction below $78 per barrel has been observed for the first time since September 18. The price of the WTI mark dropped by 1 dollar 95 cents to 67 dollars 41 cents per barrel. According to experts, oil reserves in the United States last week increased by 3 million barrels, which also worries investors.

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