Oil markets responded to OPEC+’s latest production decision with a notable uptick in prices across the globe. Brent crude, which has been traded on ICE, climbed about 2.8 percent, settling near 78.23 dollars per barrel. The benchmark for U.S. crude, West Texas Intermediate, advanced roughly 2.9 percent to around 73.81 dollars per barrel. By 18:59 Moscow time, prices had steadied from the initial surge, yet the overall bullish momentum remained evident in the market.
Analysts noted that on Sunday OPEC+ members extended their production-cut agreement through the end of 2024, incorporating voluntary reductions already undertaken by several members. The collective action was interpreted as a signal of supply discipline that supported higher oil values in international trade. In a related development, Saudi Arabia announced an additional voluntary cut in July, reducing production from 10 million to 9 million barrels per day. Industry observers suggested this move could hasten a market rebalancing toward a more open posture in the latter part of the year, reinforcing the price rally while supply remains held in check by the alliance.
The OPEC+ decision is expected to constrain total oil output in 2024 to about 40.46 million barrels per day, according to the alliance’s framework. In Moscow, Deputy Prime Minister Aleksandr Novak confirmed that Russia would extend its voluntary cut for the year, maintaining production roughly 500,000 barrels per day below the level set by the quota. The official target for 2024 stands at just under 9.93 million barrels per day, reflecting Russia’s ongoing commitment to restrained output amid shifting global demand dynamics. As markets digest these moves, traders in North America and across the Americas monitor how the tightened supply may influence prices, inflation pressures, and broader energy strategies in a region sensitive to crude flows and energy policy shifts.