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OPEC+ cuts production by 100,000 barrels International oil prices strengthened

 Last Update: 2023-01-07
 Source: Internet
 Author: User

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global

2 cycle oil

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International oil prices strengthened
as the Organization of the Petroleum Exporting Countries and its allies (collectively known as OPEC+) cut production by 100,000 barrels, and the White House reiterated that it would take necessary measures to boost energy supplies.

Brent futures closed up $2.
72 or 2.
92 percent at $95.
74 a barrel
.

Saudi Arabia's energy minister, Abdulazizbin Salman, said that the decision of OPEC and its allies (collectively known as OPEC+) to cut production by 100,000 barrels per day is to show the world that OPEC+ is determined to take a precautionary approach and use all available tools to correct the abnormal performance of the global oil market to maintain oil price stability
.

Oanda analyst Craig Erlam said that OPEC+ production cuts are more symbolic, and the market has already reflected its impact
.

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