https://sputnikglobe.com/20230403/oil-prices-up-over-5-after-announced-production-cuts-by-several-opec-countries-1109060295.html
Oil Prices Up Over 5% After Announced Production Cuts by Several OPEC+ Countries
Oil Prices Up Over 5% After Announced Production Cuts by Several OPEC+ Countries
Sputnik International
Oil prices rose more than 5% following announced additional production cuts by a number of OPEC+ countries, trading data showed.
2023-04-03T00:32+0000
2023-04-03T00:32+0000
2023-04-03T00:32+0000
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As of 22:07 GMT on Sunday, the price of May futures for WTI was up 7.12% at $81.09 per barrel, while June futures for Brent crude were trading up 7.13% to $85.59 per barrel. Additional oil production cuts announced by several OPEC+ countries on Sunday are estimated to total 1.1 million barrels per day, three sources in the organization told Sputnik. One source said that Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Oman, and Kazakhstan are among the countries that decided to voluntarily trim oil production from May until the end of 2023. Meanwhile, Russia decided to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, Russian Deputy Prime Minister Alexander Novak said.
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Oil Prices Up Over 5% After Announced Production Cuts by Several OPEC+ Countries
MOSCOW (Sputnik) - Oil prices rose more than 5% following announced additional production cuts by a number of OPEC+ countries, trading data showed.
As of 22:07 GMT on Sunday, the price of May futures for WTI was up 7.12% at $81.09 per barrel, while June futures for Brent crude were trading up 7.13% to $85.59 per barrel.
Additional oil production cuts announced by several OPEC+ countries on Sunday are estimated to total 1.1 million barrels per day, three sources in the organization told Sputnik. One source said that Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Oman, and Kazakhstan are among the countries that decided to voluntarily trim oil production from May until the end of 2023.
Meanwhile, Russia decided to extend voluntary oil production cuts of 500,000 barrels per day until the end of 2023, Russian Deputy Prime Minister Alexander Novak said.
