Sudden Decision by Saudi Arabia and OPEC+ Countries Sends Oil Prices Skyrocketing

Today, Monday, oil prices jumped about 5% after Saudi Arabia and other oil producers in the OPEC+ group announced a sudden voluntary cut in oil production.

By 09:20 Moscow time, US oil futures rose 4.85% to $79.34 a barrel, while Brent oil futures rose 5.02% to $83.90 a barrel, according to Bloomberg.

Saudi Arabia has led a coordinated cut in daily production in a number of major oil nations, despite pressure from the US to increase production.

And Saudi Arabia, the Emirates, Kuwait, the Sultanate of Oman and Algeria have agreed to reduce their daily production by a total of more than one million barrels per day in a concerted manner, from May next year until the end of this year. in the largest production cut since the decision of the Organization of the Petroleum Exporting Countries and its partners (OPEC+) in October 2022 to cut by two million barrels per day.

The rise comes ahead of a meeting of energy and oil ministers in the OPEC+ group, which includes Russia and Saudi Arabia, during which the countries are expected to stick to previously announced cuts of two million barrels per day, which are already underway. valid until the end of 2023.

Source: RT + Bloomberg

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