Brent crude oil prices raise concerns
The slight rise in the price of oil on international markets, driven in particular by the desire of Saudi Arabia, the second largest oil producer in the world behind the United States of America, to reduce its daily production by nearly one million barrels per day, raises concerns about the future of black gold prices.
This Tuesday, June 7, 2023, the barrel of Brent crude oil is trading at 78.73 USD against 71 USD at the end of last week on the Inter Continental Exchange (ICE), the stock exchange specializing in energy trading.
The American equivalent, the West Texas Intermediate (WTI), also called Texas Light Sweet, a variation of crude oil serving as a standard in fixing the price of crude oil and as a raw material for oil futures contracts with the Nymex ( New York Mercantile Exchange), the stock exchange specializing in energy) rose 0.57% to 72.15 dollars.
It should be noted that Saudi Arabia, OPEC heavyweight, decided on Sunday, June 4, 2023, to carry out a new production cut from July, a “unilateral action” originally of rising prices, according to KCM Trade analyst Tim Waterer.
This new reduction was announced at the end of a meeting in Vienna of OPEC + (the thirteen members of the Organization of the Petroleum Exporting Countries + their ten allies led by Russia).
For Saudi Arabia, this production reduction measure will set the price per barrel of oil at 80 USD.
This situation risks once again impacting the economy of the Democratic Republic of Congo, which depends to a large extent on imports of black gold.
To date, daily oil production in the Democratic Republic of Congo is estimated at 25,000 barrels per day.
