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Oil continues to rise after {OPEC +} decision on production
- Time: 04/02/2021 13:09:39
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{Economic: Al Furat News} Oil prices continued to rise today, Friday, despite news that the "OPEC +" group reached an agreement to gradually reduce production cuts, starting from next May.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. [You must be registered and logged in to see this link.]
By 09:30 Baghdad time, American crude, "West Texas Intermediate", rose by 3.87% to $ 61.45 a barrel, and the crude closed yesterday, up 3.9%.
Brent crude rose 2.12% to $ 64.86 a barrel, and crude ended Thursday's trading with a 3.4% increase, according to Bloomberg data.
The "OPEC +" group, which is made up of the Organization of the Petroleum Exporting Countries "OPEC", Russia and allied producers, agreed to ease production restrictions by 350 thousand barrels per day in May, and the same in June, and then by 400 thousand barrels per day next July. .
"The irony is that the market swallowed up the (OPEC +) story of demand, which will increase the necessary barrels, despite OPEC's repeated calls to be careful for days before the meeting," said Bob Yoger, director of energy contracts at Mizuho.
Under today's agreement, the applied OPEC + cuts will be only slightly higher than 6.5 million barrels per day from next May.
The cuts were about seven million barrels per day before that, in addition to another million barrels that Saudi Arabia volunteered to reduce its production.
Ammar Al-Masoudi
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices continued to rise today, Friday, despite news that the "OPEC +" group reached an agreement to gradually reduce production cuts, starting from next May.
Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. [You must be registered and logged in to see this link.]
By 09:30 Baghdad time, American crude, "West Texas Intermediate", rose by 3.87% to $ 61.45 a barrel, and the crude closed yesterday, up 3.9%.
Brent crude rose 2.12% to $ 64.86 a barrel, and crude ended Thursday's trading with a 3.4% increase, according to Bloomberg data.
The "OPEC +" group, which is made up of the Organization of the Petroleum Exporting Countries "OPEC", Russia and allied producers, agreed to ease production restrictions by 350 thousand barrels per day in May, and the same in June, and then by 400 thousand barrels per day next July. .
"The irony is that the market swallowed up the (OPEC +) story of demand, which will increase the necessary barrels, despite OPEC's repeated calls to be careful for days before the meeting," said Bob Yoger, director of energy contracts at Mizuho.
Under today's agreement, the applied OPEC + cuts will be only slightly higher than 6.5 million barrels per day from next May.
The cuts were about seven million barrels per day before that, in addition to another million barrels that Saudi Arabia volunteered to reduce its production.
Ammar Al-Masoudi
[You must be registered and logged in to see this link.]
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