Oil prices retreat after Saudi Deputy Crown Prince remarks

Representational file photo.
Representational file photo.

( Baghdad – On Saturday, oil prices strongly declined after the announcement of Saudi Arabia, that it will not freeze its oil production unless Iran and other major producers join the agreement.

The Deputy Crown Prince of Saudi Arabia Mohammed bin Salman said in a statement followed by, “If all countries [other members of OPEC] agree to freeze production, we’re ready,” adding that, “If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door.”

Noteworthy, Brent crude declined $1.69 to $38.64 a barrel and WTI dropped $1.66 to $36.68 a barrel after the prince’s remarks.

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