Following the OPEC+’s decision to reduce oil production from 2024, adopted the previous day, world fuel prices increased in international trade. The price of Brent crude oil, which started to be traded on the ICE exchange, increased by 2.8 percent to $ 78.23 per barrel. data trade
The barrel price of the American WTI brand also rose 2.9% to $73.81. Until 18:59 Moscow time, the indicators were slightly corrected, but the positive dynamics of the quotes remained.
“On Sunday, OPEC+ members extended their production cut agreement until the end of 2024, taking into account the recent voluntary production cuts by some countries. The alliance’s decisions caused a positive reaction in oil prices. At the same time, Saudi Arabia will voluntarily reduce production from 10 million bpd to 9 million bpd in July. This reduction may accelerate the transition of the market to the open state in the second half of 2023, ”BCS Mir Investments investment strategist Alexander Bakhtin told socialbites.ca.
Alliance OPEC+ acceptance this will reduce the overall oil production level in 2024 to 40.46 million barrels per day. Russian Federation Deputy Prime Minister Aleksandr Novak announced that the voluntary cut in oil production in Russia has been extended until the end of 2024. According to him, Moscow will continue to produce 500,000 barrels per day less than the level predicted by the quota. It is set at 9.928 million barrels per day for 2024.