RIYADH: Oil prices plummeted more than 3 percent on Friday due to global recession fears and weak oil demand, especially in China.
Brent crude futures dropped $2.94, or 3.1 percent, to settle at $91.63 a barrel, while US West Texas Intermediate crude futures fell $3.50, or 3.9 percent, to $85.61.
The Brent and WTI contracts both oscillated between positive and negative territory for much of Friday but fell for the week by 6.4 percent and 7.6 percent, respectively.
OAPEC official says OPEC+ decision to cut oil production correct
The secretary general of the Organization of Arab Petroleum Exporting Countries said on Saturday that the decision of the Organization of Petroleum Exporting Countries, and its allies, known as OPEC+, to cut its oil production target is correct, and was taken at the right time.
The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC Secretary General Ali bin Sabt added in a statement.
OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the UAE.
OPEC+ lowered their production target by 2 million barrels per day when they met on Oct. 5.
CGT union votes to continue strike at TotalEnergies’ French refineries
The CGT union at the center of strikes at French oil major TotalEnergies voted on Saturday to continue the walkout, CGT union representative Fabien Cros said.
Despite the government requisitioning key refinery staff to get petrol flowing again, nearly a third of gas stations still have supply problems.
(With input from Reuters)