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Oil prices rose on Tuesday, after OPEC + sources revealed that the group’s countries plan to continue current production cuts beyond June 2020.
At 20:00 Moscow time, US light crude futures. USA They rose 8.12% to $ 26.10 a barrel.
Meanwhile, Brent crude oil futures rose 2.4% to $ 30.34 per barrel, according to Bloomberg.
The increase came after four sources from “OPEC +” said today that the countries of the group want to keep current oil cuts of 9.7 million barrels per day until after next June to support prices and demand for crude oil, which were severely affected by the Corona virus pandemic.
According to the agreement, which was concluded by the countries of the Group on April 12, production in the months of May and June of this year should be reduced by 9.7 million barrels per day, which is a record cut.
The countries of the group should stop production cuts gradually after last June, but a source in “OPEC +” stated that the countries of the group are considering extending the current cuts (9.7 million barrels per day).
The source said: “The ministers want to maintain the same current oil production cuts, which amount to about 10 million barrels per day, after June. They do not want to reduce the size of the cuts … This is the basic scenario that is being discussed now. “
“OPEC +” will meet in early June to determine its production policy. Under the agreement, the group is expected to cut production cuts to 7.7 million barrels per day from July to December 2020.
Source: “Reuters” + “Bloomberg”
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