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The Impact of the OPEC+ Decision on Oil Prices

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Oil prices rose in trading today, on Monday, by more than 1%, and this happened after the OPEC + group, which includes Russia and Saudi Arabia, announced new production cuts.

And by 09:08 Moscow time, futures for American oil rose by 1.37% to $72.72 per barrel, while futures for Brent crude rose by 1.22% to $77.06 per barrel, according to data from Bloomberg.

Yesterday, Sunday, the OPEC+ group said it had decided to cut crude oil production by 1.4 million barrels per day during 2024 from October 2022 levels.

According to the group, the level of total crude oil production for the member states of the alliance from the beginning of 2024 to the end of 2024 will reach about 40.46 million barrels per day, instead of 41.86 million barrels per day (October 2022 production volume).

Russian Deputy Prime Minister Alexander Novak said that Russia is fulfilling its obligations to reduce oil production after the OPEC+ meeting.

Novak announced Russia’s intention to extend the voluntary cut in oil production by 500,000 bpd until the end of December 2024 as a precautionary measure.

Source: RT + Bloomberg

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