Oil prices down af­ter OPEC meet­ing

The China Post - - BUSINESS INDEX & -

Oil prices fell in Asia Mon­day af­ter OPEC de­cided to main­tain its high out­put lev­els, while traders were also weigh­ing the pos­si­ble re­turn of Ira­nian sup­plies that have been cur­tailed by in­ter­na­tional sanc­tions against Tehran, an­a­lysts said.

U. S. bench­mark West Texas In­ter­me­di­ate for July de­liv­ery fell 47 cents to US$ 58.66 while Brent crude for July eased 42 cents to US$ 62.89 in af­ter­noon trade.

In­stead, they kept their col­lec­tive tar­get at 30 mil­lion bar­rels per day — where it has stood for more than three and a half years.

OPEC coun­tries are re­ported to be ac­tu­ally pump­ing more than 31 mil­lion bar­rels a day, with the risk of more com­ing on line.

Six global pow­ers — the UK, China, France, Ger­many, Rus­sia and the U. S. — are try­ing to nail down a deal to curb Iran’s nu­clear am­bi­tions by re­duc­ing its stock­piles of en­riched ura­nium and moth­balling some of its sites.

If the agree­ment is reached and im­ple­mented, the pow­ers have agreed to grad­u­ally scale back sanc­tions im­posed since 2012, in­clud­ing on its petroleum in­dus­try.

Iran has the world’s fourth­largest oil re­serves but its ex­ports have fallen from more than 2.2 mil­lion bar­rels per day in 2011 to about 1.3 mil­lion be­cause of the sanc­tions.

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