Today, Friday, oil prices recorded 94.80 dollars per barrel for the futures contracts for the international standard Brent, and the US West Texas Intermediate crude futures contracts recorded 88.20 dollars per barrel.
The US strategic oil reserve fell to its lowest level since 1984, recording 401.7 million barrels, and these figures are based on weekly data issued by the Energy Information Administration of the US Department of Energy, according to “Russia Today”.
On October 19, US President Joe Biden announced that the United States will continue to use the strategic reserve, and that the Department of Energy is ready to supply the market with an additional 15 million barrels of oil, to reduce the rise in fuel prices in the country, against the background of high energy prices globally following sanctions against Russia.
The Saudi Energy Minister, Prince Abdulaziz bin Salman, held a meeting via video conference with the French Minister of Energy Transition, Agnes Pannier-Runacher, during which he stressed the need to increase the stability of the global oil market, to continue close communication, and to strengthen cooperation to face emerging risks and challenges.
The two sides stressed the strengthening of relations between the two countries, and the importance of ensuring security and energy supplies to global markets, noting that the Kingdom remains a reliable partner in crude oil supplies to France, according to the Saudi Press Agency, “SPA”.
The meeting discussed cooperation between the two countries in the field of clean hydrogen and the promising field of renewable energy in which French companies actively participate, in addition to cooperation within the framework of the bilateral cooperation agreement for the peaceful uses of nuclear energy between the Saudi and French governments signed on February 22, 2011.
The two ministers stressed the importance of urging the teams of the two parties to work on opportunities in the petrochemical sector, electricity, energy efficiency, innovation, decarbonization technologies, and other areas of mutual interest.