Several OPEC+ nations reduce production, leading to a 5% surge in oil prices surpassing $85 per barrel.

Trading data on the London ICE Stock Exchange showed that futures prices for Brent crude for delivery in June 2023 exceeded $85 a barrel for the first time since March 7.

As of 01:09 Moscow time, the price of Brent crude rose by 6.43% to $85.03 per barrel, and by 01:12 Moscow time, Brent crude was trading at $85.41 per barrel (6.46%).

Meanwhile, futures for West Texas Intermediate crude for May 2023 rose 6.21% to $80.37 a barrel.

According to trading data, oil prices jumped more than 5% after a number of OPEC+ countries announced additional production cuts.

Earlier Sunday, a group of oil-producing countries announced voluntary production cuts in agreement with a number of countries involved in the announcement of cooperation by OPEC members and outsiders starting in May and continuing through the end of the year.

A number of oil ministries in Saudi Arabia, Russia, Kuwait, Iraq, the Emirates, Algeria, the Sultanate of Oman and Kazakhstan announced a voluntary cut in oil production from May next year until the end of 2023 by more than 1.65 million barrels per day. .

These countries confirmed that this move is a precautionary measure aimed at maintaining the stability of the oil markets, and this move took place “in agreement with a number of countries participating in the Declaration of Cooperation from among the members of OPEC and from outside.”

Source: News