The oil market reacted to the success of the OPEC+ talks

As the oil-producing countries complete their negotiations to reduce production, the price of June Brent crude futures rose by 2.45% to $ 32.25 per barrel during trading on the London ICE exchange, according to trading data.

The price of WTI oil futures rose by 0.22%, reaching the level of $ 22.81 per barrel.

Recall that a new OPEC + meeting was held on Sunday, during which all 23 OPEC+ countries agreed to reduce oil production. After that, the leaders of Russia, the United States, and Saudi Arabia held a telephone conversation, during which they confirmed the entry into force of agreements on limiting oil production.

According to the head of the Ministry of the energy of Saudi Arabia, OPEC+ countries will reduce production by almost 12.5 million barrels per day from the level of April. At the same time, OPEC+ predicted a global reduction in oil production by 19 million barrels per day, taking into account the obligations of all other oil producers, including the United States, Canada, and Norway.

Russian Energy Minister Alexander Novak expressed confidence that the deal between the oil-producing countries will positively balance the market and prices.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor