Oil prices fell after the resumption of Canadian producers production processes and the approach of the OPEC delegates meeting
Oil prices tumbled for the third straight day, with the support of the Canadian producers resume production after a break over the previous two weeks on the one hand and as a result of the approach of the OPEC delegates meeting to be held in Vienna on the second of June on the other. Suncor Energy Company of Canada announced the resumption of production operations to coincide with the calm wildfires which affected the Canadian oil sands region over the previous two weeks due to mild weather. In a statement, said Deputy Oil Minister Mr. Fayyad grace, it will be to address the many issues at the next OPEC meeting on June 2, including the problem of freezing production.
In addition, oil has risen more than 85 percent since falling to its lowest level in 12 years in February after signs of decline in the surplus supply in the worldwide production amid the decline in both the United States to Nigeria. Market forecasts indicate that the probability of the failure of the oil producers to any agreement to curb output when they meet in Vienna next Thursday after OPEC stuck to the strategy of Saudi Arabia to stick to the share market and the dimensions of competitors from the market. It is also expected to also be chosen secretary-general of OPEC, to replace the current Secretary General, Mr. Abdullah al-Badri, who extended his term after giving OPEC's failure to choose a successor.
Today at 11:00 am EST Riyadh was crude oil is trading lower by 0.20%, and at $ 49.22 a barrel, while Brent oil is trading lower by 0.40%, and at $ 49.70 a barrel.