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On Monday (August 29), international oil prices rose on expectations that the Organization of the Petroleum Exporting Countries (OPEC) would cut production if necessary to support prices, coupled with the Libyan conflict and increased demand due to soaring natural gas prices, helping to offset the gloomy outlook for US economic growth
.
Fed Chairman Jerome Powell bluntly said last Friday (August 26) that the US economy will face a long period of slow growth
in the event of further interest rate hikes.
But Saudi Arabia has previously hinted that OPEC could cut production to balance the market, which boosted oil prices
.
The United Arab Emirates shares Saudi Arabia's ideas on output policy, while Oman's oil ministry has also expressed support for OPEC and its allies (OPEC+) in their efforts to maintain market stability
, sources said.
If the Iran nuclear deal is restarted and Iran's oil exports are lifted, OPEC will consider production cuts to offset any production increases in Iran
.
Following the statement by Saudi Arabian Energy Minister Abdulaziz, OPEC+ members, including Iraq, Venezuela and Kazakhstan, expressed support for OPEC's readiness
to intervene and restore balance in the oil market.
Sugandha Sachdeva, vice president of commodity research at Religare Broking, said: "In response to the resumption of the Iran nuclear deal, OPEC+ has production cuts expected to restore market balance, and oil prices rose
slightly.
”
Sachdeva added that strong U.
S.
oil exports over the past few weeks, larger-than-expected declines in oil inventories, and a surge in natural gas prices that may prompt more people to switch to oil are all positive triggers for upward prices
.
German Economy Minister Robert Habeck said Germany's gas storage facilities are filling up faster than planned and Europe's largest economy is on track to avoid a major gas shortage
this winter.
There were serious clashes
in the Libyan capital over the weekend.
The market is worried about new disruptions
in crude oil supply.
Since the fall of the Qaddafi regime in 2011, Libya has had little peace, and in 2014 there was a confrontation
between two rival factions, East and West.
The length of the country's oil production has been blocked
.
