In the New York oil market on the 23rd, international crude oil futures prices temporarily rose to 1 barrel for the first time in about a week following a report that Saudi Arabia's energy minister suggested that major oil-producing countries may cut production. It climbed to $94.
In the New York crude oil market on the 23rd, the futures price of WTI, which is an index for international crude oil trading, temporarily rose to the $94 per barrel level for the first time in about a week.
In response to reports from Western media such as Bloomberg that Saudi Arabia's Energy Minister Abdul Aziz suggested that major oil-producing countries may reduce production in order to stabilize crude oil prices, OPEC = Organization of Petroleum Exporting Countries and Russia The rise in oil prices was due to heightened vigilance that major oil-producing countries such as China will cut production in the future.
WTI futures prices temporarily exceeded $130 per barrel in early March due to Russia's military invasion of Ukraine, and became a factor in accelerating global inflation. It turned to a decline due to concerns about a slowdown, and on the 16th of last week, it dropped to the $85 per barrel level for the first time in about seven months, down to the level before the military invasion.
A market insider said, ``There is a lot of interest in whether major oil-producing countries will move to cut production in order to raise crude oil prices.''