Falling oil prices after a Saudi-Iranian remarks disappointing

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Falling oil prices after a Saudi-Iranian remarks disappointing

February 24, 2016 20:08
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Oil prices fell on Wednesday, influenced by statements of Iranian and Saudi Arabia, and by the new suspicions point to continued oversupply of crude, as prices were affected near the US inventories data announcements.

He stressed the Saudi oil minister, Ali al-Naimi, in his remarks at a conference a week of Cambridge Energy Research Associates, "walk", in Houston, Texas, on Tuesday, that the producers in the Organization of Petroleum Exporting Countries "OPEC" and beyond will not reduce their production.

The Saudi minister pointed out that the freezing of crude oil production agreement does not involve a reduction in size, expressing confidence that more countries will join the Doha agreement.

He also criticized the Iranian Oil Minister, Bijan Zanganeh, freeze oil production levels at the January agreement between Saudi Arabia and Russia, adding that it is unrealistic and ridiculous.

In the wake of the ministers of oil, Saudi and Iranian statements, the futures price for Brent benchmark fell 1.32% to $ 32.81 a barrel, at 8:55 Moscow time. Crude also fell Alomraki- for delivery in April / April-estimated 2.2% to $ 31.17 a barrel.

It is scheduled to announce the Energy Information Administration, later on February 24, official data on US inventories, amid expectations of a rise of 3.4 million barrels.

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