8 minutes agoOil prices rise after production reduction
Periskopi(3 years ago)
(3 years ago)Oil prices have marked increases Monday, as Saudi Arabia has said it will reduce production quantities for one million barrels a day over July. Of the 10 million barrels a day, as much as it produced in May, it will now produce 9 million barrels. Other members of the state group [...]
Of the 10 million barrels a day, as much as it produced in May, it will now produce 9 million barrels.
Other members of the oil - producing group of states, OPEC+, agreed to reduce production, to stabilise prices.
OPEC+ countries own nearly 40 per cent of crude oil, and their decisions can have a major impact on oil prices.
On Monday in Asia, the price of crude oil Brant has increased by 2.4 per cent, and a barrel has been sold for 77 dollars.
OPEC+ has said it aims to reduce production to 1.4 million barrels a day, since 2024.
The decision was made after a seven-hour meeting Sunday.
Oil prices have increased since Russia started the war in Ukraine last year, but are now at the first level of the conflict.
Organization O The PEC+ agreed in October last year to lower production for 2 million barrels a day, which represents 2 percent of global demand.
In April of this year, the group has been hired for further cuts.
However, Russian Deputy Prime Minister Alexander Novak has said Sunday's talks have led to the next “agreement by the end of 2024”.
On Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman has said reducing his state's amount for a million barrels a day could be postponed even beyond July, with the goal of stabilising markets.
