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How did the “OPEC +” decision affect oil prices?
Economical 2023/06/06
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Al-Sabah
, oil prices rose, in yesterday’s trading, by more than
1%. This came after the “OPEC +” group, which includes Russia and Saudi Arabia, announced new production cuts.
US crude futures rose by 1.37% to $72.72 a barrel, while Brent crude futures rose by 1.22% to $77.06 a barrel, according to Bloomberg agency data.
The “OPEC +” group said: It decided to reduce its crude oil production by 1.4 million barrels per day, during 2024, from October 2022 levels. And until its end, instead of 41.86 million barrels per day (the production volume of October 2022). Russian Deputy Prime Minister Alexander Novak said that Russia is fulfilling its commitments related to reducing oil production, after the “OPEC +” meeting. Novak revealed Russia's intention to extend its voluntary cut in oil production, amounting to 500,000 barrels per day, until the end of December 2024, as a precautionary measure.
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