OPEC plans to reduce oil production

OPEC Oil Minister Ali al-Naimi said that the crude oil inventory continued to soar while the market demand is decreasing, which caused the oil price to drop. OPEC should take necessary measures to recover the oil price. The market expected that the production reduction stood at 100-150 barrels per day. Stirred by relevant news, August crude oil futures in New York turned the downtrend and gained 89 US cents, or 3.6% to close at US$25.59 per barrel, while the September crude oil futures ended up US$1.16, or 4.7% to US$25.94.

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