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Reuters
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Oil prices rose today, after a group of oil-producing countries, including Saudi Arabia, announced a further voluntary cut in production to support energy markets, which are suffering from the consequences of the Corona pandemic.
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At 07:59 Moscow time, Brent crude futures rose 0.47% to $ 29.78 a barrel.
Meanwhile, US light crude oil futures rose 1.08% to $ 24.4 a barrel.
Oil markets are witnessing a state of optimism today, after Saudi Arabia, the United Arab Emirates and Kuwait said they will implement a further cut in oil production to absorb excess supplies of crude from global markets.
The Saudi Ministry of Energy yesterday ordered the company “Aramco” to reduce its production next June by one million barrels per day, in addition to the amounts stipulated in the “OPEC +” agreement.
While the United Arab Emirates said it will also cut production further by 100,000 barrels per day next month, while Kuwait announced additional cuts by 80,000 barrels per day in the same month.
Analysts say the additional cuts should help the oil market recover faster.
The countries of the “OPEC +” group will reduce production in May and June 2020 by 9.7 million barrels per day, while in the second half of this year the countries of the group will reduce production by 7.7 million barrels per day, which it will drop from the beginning of 2021 to the end of April 2022 by 5.8 Million barrels per day.
Source: “Novosti”
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