Oil prices are on the rise this Tuesday (5), due to the announcements of the maintenance of cuts in production and exports made by Russia and Saudi Arabia, the largest exporters of crude oil in the world.
According to information from CNN, the price of Brent oil, an international benchmark, rose 1.8% and is trading above $90 a barrel, while West Texas Intermediate (WTI), a US benchmark, rose by a similar margin. and reached US$ 87 per barrel.
Russia announced this Tuesday that it will extend until the end of this year the additional voluntary reduction of 300 thousand barrels per day of its oil exports.
“Russia will extend until the end of December 2023 the further voluntary reduction of 300,000 barrels per day of its oil supplies to world markets,” Russian Deputy Prime Minister Alexander Novak was quoted as saying by the official news agency. Russian Tass.
Novak explained that the decision to extend the cut in oil exports until the end of the year “is aimed at reinforcing the preventive measures taken by OPEC+ countries [Organização dos Países
Exportadores de Petróleo, mais a Rússia] to maintain balance and stability in markets.
In March, Russia began a voluntary reduction in oil production of 500,000 barrels per day from the February average.
The period of validity of this reduction was extended several times, first until June and then until August.
The measure, which is intended to support oil prices, was extended in April until the end of 2023 and finally in June until the end of 2024.
In addition, in August, Russia reduced its oil exports by 500,000 barrels per day, a figure that has dropped to 300,000 barrels per day since the beginning of this month.
Saudi Arabia had announced the extension of its voluntary cut of 1 million barrels of oil per day until the end of December.
Thus, Saudi production in September will be around 9 million barrels of crude oil per day. (With EFE Agency)
#Oil #prices #rise #announcements #Russia #Saudi #Arabia #maintain #cuts