On June 19, according to media reports, international oil prices fell on Monday, giving up some of the gains recorded last week, as concerns about demand overshadowed OPEC+ production cuts and the seventh consecutive week of decline in the number of active oil and gas rigs in the United States. boosting effect.
The U.S. oil and gas rig count, a leading indicator of future output, fell by eight to 687 in the week ended June 16, the lowest since April 2022, Baker Hughes data showed.
Voluntary output cuts imposed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies among producers in May, coupled with Saudi Arabia’s planned additional cuts in July, are also supporting prices.
There are also signs of strong demand in the U.S. summer driving season.
