Oil prices rise sharply amid production cuts by several OPEC+ countries

Earlier, OPEC+ countries, including Russia, announced a voluntary cut in oil production until the end of the year. For Russia and Saudi Arabia, this figure will be 500 thousand barrels per day, for Kazakhstan – 78 thousand barrels.

World oil prices accelerated growth by more than five percent against the background of the decision of a number of OPEC+ countries to cut production, according to trading data.

By 1.07 Moscow time, May futures for WTI crude oil rose by 7.12% to $81.09 per barrel. The cost of June futures for Brent crude grew by 1.18 Moscow time by 7.13%, to $85.59 per barrel.

In addition, the United Arab Emirates (by 144 thousand barrels per day), Oman (by 40 thousand barrels), Kuwait (by 128 thousand barrels), Iraq (by 211 thousand barrels) and Algeria (by 48 thousand barrels) also agreed to reduce oil production.

OPEC+ countries in May 2020 reduced oil production by 9.7 million barrels per day due to falling demand for black gold caused by the coronavirus pandemic.

Since August 2022, the alliance has moved to the final stage of exiting these cuts, but since November it has again reduced production by two million barrels per day from the maximum possible for August.

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