The stability of oil prices in today’s transactions due to the balance of the market

According to the report of Fars International Economic Group, quoted by Reuters, after yesterday’s price reduction, which reversed the increasing effects of OPEC+ production cuts, the price of oil did not change much in today’s transactions of global markets.

Brent oil was up 28 cents at $77.97 per barrel, and US crude was up 27 cents at $74.57 per barrel.

Prices were almost flat today as Russian Deputy Prime Minister Alexander Novak said today that oil markets are balanced.

Novak said, the OPEC+ group of producers does not see the need to further reduce oil production, but they are always able to adjust their policy.

Oil prices fell nearly 4% yesterday as worries about a US recession overshadowed news of a bigger-than-expected draw in US crude inventories, neutralizing its impact.

Also, according to knowledgeable sources, Russia has also increased the amount of its oil product exports despite the sanctions of the European Union and the price ceiling for its oil.

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