World oil prices declined on Tuesday morning after the Saudi Arabian Energy Minister announced a possible cut in investments in fossil fuels, Report informs.
The price of Brent crude February futures fell by 0.4% to $74.09 per barrel, while WTI January futures fell in price by 0.79%, to $70.73.
Saudi Arabia's Energy Minister Abdulaziz bin Salman Al Saud said on Monday that global oil production could fall 30% by the end of the decade due to declining investment in production.
Besides, traders continue to evaluate the OPEC report. Again, the organization did not change the forecasts for oil production outside the cartel for 2021-2022. At the same time, the forecast for oil production in the United States for this period has been slightly increased.