Oil price declines

Since Friday and over the weekend, the oil price has declined from USD 79.5 to USD 75.3 per barrel of North Sea oil, after OPEC countries flagged increased production.

Photo: Nabil al-Jurani

The oil price has been sent back to approximately USD 75 per barrel, as Saudi Arabia and Russia have signaled increasing production from OPEC countries by approximately 100 million barrels per day, according to Reuters.

Earlier in May, the oil prices hit their highest level in over than three years after sanctions against Iran and a low output in Venezuela prompted concerns that oil stocks had to reach a low level.

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