Riyadh (Urdu Point News Latest. May 10, 2022) Crude oil prices fell sharply in the world market. Crude oil prices fell sharply. According to reports, the price of Brent crude in the world market has decreased from 7 7 to 5 105.94 per barrel, while the price of WTI has decreased by 6.1% to 3 103 per barrel.
In addition, the price of natural gas in the world market fell by 12%, after which the price of trading gas is at the level of ڈالر 7 per mmbtu. According to a BBC report, the demand for reduction of oil prices from different countries of the world is gaining momentum, after which the meeting of major oil exporting countries is going to be held on May 5 (Thursday).
However, members of the OPEC Plus group, including Russia, do not appear to be interested in helping. OPEC Plus is actually a group of 23 oil exporting countries whose member countries meet every month in Vienna to decide how much oil they should have in the world market. The 13 main member states of the Organization of the Petroleum Exporting Countries (OPEC) are actually the countries of the Middle East and Africa.
The organization was established in 1960 to find solutions to problems around the world in terms of oil supply and its price. Today, OPEC produces 30% of the world's crude oil, or 28 million barrels per day. Saudi Arabia is the largest oil producer in OPEC, producing 10 million barrels a day. In 2016, when oil prices were significantly lower, the OPEC group decided to partner with 10 other oil-producing countries, thus creating OPEC Plus.
These countries include Russia, which produces 10 million barrels of oil per day. Overall, these countries produce 40% of the world's crude oil. Kate Dorian of the Energy Institute says that OPEC Plus is actually trying to balance the market by changing supply and demand. When demand for oil declines, they reduce the supply of oil so that prices remain high. ' Importing countries are also waiting for the same decision.