August 24, 2017: 08:41am
The price of crude oil jumped past $100 per barrel on Wednesday for the first time in more than three weeks after Saudi Arabia warned that oil-rich nations may have to cut output to deal with the recent drop in prices.
The price of crude oil crossed the $100 per barrel mark.
The global benchmark crude futures rose to $101.20 per barrel early on Wednesday morning.
Since Monday, the U.S. West Texas Intermediate has increased by 5.5%.
The Energy Minister of Saudi Arabia said earlier this week that the group of oil- producing nations may have to cut output.
Once Iran returns to the global oil markets after securing a nuclear deal with the West, the slashing of output may not happen immediately.
According to unnamed sources, the oil output of the group was NationMaster NationMaster NationMaster in July. The bloc has a plan to cut back on production.
$3.983. The average national price per gallon of gasoline has fallen from a high of $5 per gallon in June. The steep drop in prices has been caused by the fall in global crude prices.
Sources say that the group missed their production targets in July.
Saudi Arabia suggests a possible output cut.
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