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Oil prices remain low due to low demand

Oil prices

Crude oil prices are still low on Wednesday in spite of the plans of Saudi Arabia; they tried to make deeper cuts in low global oil demand that was caused due to novel coronavirus.

29.59 dollars per barrel was traded for International Brent crude at 0639 GMT with a 1.3 decline after closing on Tuesday at 29.98 dollars per barrel while, American benchmark West Texas Intermediate traded at 25.69 per barrel at the same time for 0.35 percent loss.

Pakistan, for the first time in its history, is considering to buy crude oil in advance after the pandemic condition lowered the oil prices drastically.

After all such circumstances, the world’s largest crude exporter Saudi Arabia announced on Tuesday of cutting its oil production by an additional 1 million barrel per day to 7.5 million barrels per day that will be started in June. Previously in April, it lowered the oil production to 8.5 million barrels per day as part of the OPEC+ deal.

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