The cost of futures for Brent crude oil with delivery in June 2023 on the London Stock Exchange ICE exceeded $85 per barrel for the first time since March 7, trading data show on Monday.
As of 01:09 Moscow time, Brent was up 6.43% to $85.03 per barrel.
By 01:23 Moscow time Brent was trading at $85.45 per barrel (6.96%). Meanwhile, WTI crude futures for May 2023 grew 7.15% to $81.08 per barrel.
On April 2, several OPEC+ countries unexpectedly announced voluntary cuts in oil production from May until the end of this year. The total volume of reduction may amount to about 1.65 mln barrels per day (bpd). The alliance countries believe that the reduction of production is a preventive measure and should maintain stability in the market.
According to the statements of the countries which supported the voluntary cut of production, Saudi Arabia will reduce the production by 500 thousand bpd, the UAE - by 144 thousand bpd, Iraq - 211 thousand bpd, Kuwait - 128 thousand bpd, Oman - 40 thousand bpd, Algeria - 48 thousand bpd, Kazakhstan - 78 thousand bpd. Russia will extend the decision to reduce production by 500 thousand bpd by the end of June until the end of the year.
GSV "Russia - Islamic World"
Photo: tzevena/Pixabay
Based on materials from TASS