Oil prices continued to rise, in trading today, Wednesday, after the decision of countries in the “OPEC +” group to reduce more production of black gold to achieve stability in energy markets.
And by 10:03 Moscow time, US crude futures rose by 0.55% to $81.15 a barrel, while Brent crude futures rose by 0.61% to $85.46 a barrel, according to Bloomberg agency data.
In addition to production cuts, crude prices received support from data from the American Petroleum Institute, which showed that US crude inventories fell by about 4.3 million barrels in the week ending March 31, 2023.
And last Sunday, 7 countries in “OPEC +” announced simultaneously and unexpectedly an additional cut in production, while Russia announced the extension of cuts that it had previously announced until the end of this year.
The total cuts for the eight countries amount to about 1.65 million barrels, and they will be applied starting next month to achieve stability in the global energy market.
The voluntary cuts will start next May 2023 and will continue until the end of the year 2023, and oil markets have witnessed an increase since last Monday in light of the aftermath of the decision.
This article was originally published by RT.