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Crude oil prices (January 25)

This April 26, 2013 photo shows the West Hercules drilling rig in the Skaanevik fjord in western Norway. (AP Photo/Scanpix, Statoil)
2021-01-25

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SULAIMANI — Crude oil prices were mixed on Monday (January 25) compared with the previous day.

The price of Brent crude was at $55.39 down from $55.41 and US WTI crude was stable at $52.27.

On January 5, members of the oil cartel OPEC and their partners agreed to raise output slightly in February and March, but the new cuts do not include Russia and Kazakhstan.

Overall the amount of crude oil the group has voluntarily withdrawn from global markets is to decline from 7.2 million barrels per day to 7.125 mbd in February, and 7.05 mbd in March, the OPEC+ group said in a statement issued at the end of its first ministerial meeting of the year, according to AFP.

To ensure the market is not flooded with oil while pandemic-related risks to demand remain high, OPEC kingpin Saudi Arabia decided to cut its own production by one million barrels per day in both months, Energy Minister Prince Abdulaziz bin Salman told a press conference, AFP reported.

(NRT Digital Media/AFP)