Oil prices maintained most of last night’s gains, Tuesday, August 18, after the OPEC + group said that members had almost fully committed to the agreed production cuts to support prices amid a decline in fuel demand due to the Coronavirus pandemic.<\/p>\n\n\n\n
By 07:02 GMT, Brent crude was down 18 cents, the equivalent of 0.4%, to $ 45.19 a barrel, after rising 1.3% on Monday. US crude fell 26 cents, or 0.6%, to $ 42.63 a barrel, after rising by 2.1% in the previous session.<\/p>\n\n\n\n
The percentage of commitment to OPEC + production cuts reached about 97% in July, two sources in the alliance told Reuters. Oil producers have reduced production unprecedentedly to reduce global inventories, in light of the collapse of demand due to the pandemic.<\/p>\n\n\n\n
In August, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC + group, began to reduce the agreed production cuts to 7.7 million barrels per day from 9.7 million barrels per day.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices maintained most of last night’s gains, Tuesday, August 18, after the OPEC + group said that members had almost fully committed to the agreed production cuts to support prices amid a decline in fuel demand due to the Coronavirus pandemic. By 07:02 GMT, Brent crude was down 18 cents, the equivalent of 0.4%, …<\/p>\n","protected":false},"author":9,"featured_media":32818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846,6876],"class_list":["post-32817","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil","tag-opec"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=32817"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32817\/revisions"}],"predecessor-version":[{"id":32819,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/32817\/revisions\/32819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32818"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=32817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=32817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=32817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}