The Belgian shipping company Euro Nave expects the price of oil to rise to more than $ 60 a barrel with the Kingdom of Saudi Arabia’s decision to reduce its production by one million barrels per day over the next two months, the improvement in the profit margin of the refiners and the decline of the dollar against other major currencies.

"Bloomberg" agency quoted Rustin Edwards, head of fuel purchases at Euro Nave, as saying that $ 60 a barrel as a target price looks good in light of the current conditions, adding that there is momentum in global trade along with the effect of reducing Saudi production.

Edwards did not specify the timing of the arrival of oil at this expected price, while the price of Brent crude oil in the North Sea is currently $ 55 a barrel, and the price of West Texas Intermediate crude, which is the benchmark for US oil, is about $ 52.

He also expected that the price of oil on the global market would exceed the level of $ 60 a barrel, but Edwards said: For this to happen, the dollar’s ​​weakness must continue to continue to support the market, the Organization of Petroleum Exporting Countries (Opec) should maintain its production levels, and that the profits of companies continue to improve Refining due to the continued improvement in demand for crude.

Saudi Arabia announced last week its intention to reduce its oil production during February and March next by one million barrels per day, voluntarily and unilaterally, with the aim of boosting oil prices in global markets, while the countries of the OPEC + (OPEC +) group agreed to continue The current production levels during the next two months, while allowing a slight increase in the production of Russia and Kazakhstan.