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After OPEC's decision to cut production, oil jumps at $86
[You must be registered and logged in to see this link.] |Today, 09:0
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[You must be registered and logged in to see this link.] |Today, 09:0
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Oil prices jumped by more than 7% at the beginning of the week's trading, supported by the sudden announcement of a voluntary cut in oil production by OPEC +.
Brent crude futures rose by 6.8% to $85.40 a barrel, after it scored $86 a barrel in the first minutes of trading, compensating for the losses incurred due to the banking crisis, as crude fell below levels of $72, compared to $86 before its outbreak.
Nymex crude futures rose by 7%, recording $80.94 a barrel, after it exceeded $81 levels.
And OPEC + unexpectedly revealed a production cut of about 1.15 million barrels per day
Russia and Saudi Arabia participated in reducing each of their production by about 500 thousand barrels per day, starting from May until the end of 2023.
A number of Arab countries also participated in varying amounts in the decision, including the UAE, Kuwait and Iraq.
This decision comes in addition to the production cut agreed upon at the ministerial meeting of the group last October.
The head of the investment company, Pickering Energy Partners, expected that the OPEC + decision would contribute to an increase in global oil prices by about $10 a barrel.
Goldman Sachs raised its forecast for the price of Brent crude to $95 per barrel for December 2023, compared to previous expectations of $90.
It is also expected to reach $100 in December 2024, after OPEC + announced sudden production cuts.
For his part, a spokesman for the US National Security Council stated that the OPEC + cuts are illogical at this time, given the uncertainty in the market.
OPEC + is scheduled to hold a meeting of the Ministerial Monitoring Committee tomorrow, Monday, via visual communication techniques.
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