Oil prices jumped today, Monday, by about 5%, after Saudi Arabia and other oil producers in the “OPEC +” group announced a sudden voluntary cut in crude production.
And by 09:20 Moscow time, US crude futures rose by 4.85% to $79.34 a barrel, while Brent crude futures rose by 5.02% to $83.90 a barrel, according to Bloomberg agency data.
Saudi Arabia led a coordinated reduction in daily production in a number of major oil countries, despite pressure from the United States to increase production.
And Saudi Arabia, the Emirates, Kuwait, the Sultanate of Oman and Algeria decided, in a coordinated manner, to reduce their daily production by a total of more than one million barrels per day, starting from next May until the end of this year, in the largest production cut since the decision of the Organization of Petroleum Exporting Countries and its partners (the “OPEC +” group) in October 2022. reduce 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 countries were expected to adhere to the previously announced cuts of two million barrels per day, which are already in effect until the end of 2023.
This article was originally published by RT.
