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The weakness of the global economy and Saudi Aramco's readiness to increase production have put downward pressure on international oil prices, which fell
slightly last week (as of the week ended August 19).
WTI oil prices fell 1.
43% and Brent oil prices fell 1.
46%.
On the 19th, WTI oil prices closed at $90.
77/bbl, and Brent oil prices closed at $96.
72/bbl
.
Saudi Aramco said it could increase production to 12 million bpd at any time required by the government, ready
to produce oil at maximum capacity.
At the same time, new developments in Iran's nuclear negotiations have led investors to expect further increases
in the supply of crude oil markets.
On August 16, international oil prices fell to a new half-year low, and WTI oil prices fell by $2.
88 to close at $86.
53 per barrel, a decline of 3.
22%; Brent crude futures fell $2.
76, or 2.
90%,
to close at $92.
34 a barrel.
Fears of a global recession remain an important factor
in the current decline in oil prices.
Analysts say the clouds of a global recession are gathering, U.
S.
consumers are more pessimistic about the economic outlook, and the risk of a recession in the euro area continues to put downward pressure
on the market.
