Oil prices rise following OPEC verdict to keep output reduct...| MENAFN.COM

Thursday, 09 February 2023 02:08 GMT

Oil prices rise following OPEC verdict to keep output reduction, beginning of EU sanction on Russian oil


(MENAFN) Oil costs surged on Monday because of provision worries following OPEC+ producers accepted to sustain their output reduction policy in the face of the EU's ban and price limit on Russian oil shipments, whereas facilitating COVID curbs in China also constituted to price upticks.

International benchmark Brent crude exchanged at USD86.02 a barrel at 09.55 AM regional time (0655 GMT), increasing 0.52 percent from the ending price of USD85.57 per barrel in the prior exchanging session.

At the same time, American benchmark West Texas Intermediate (WTI) exchanged at USD80.50 a barrel, a 0.65 percent earn following the prior session ended at USD79.98 per barrel.

The Organization of Petroleum Exporting Countries (OPEC) and its associates, recognized as OPEC+, accepted on Sunday to adhere to the aim of reduction oil production by 2 million barrels a day (bpd) until the end of upcoming year.

"The decision by OPEC+ to continue with its recently agreed 2 million bpd production cut through the end of 2023 is not a surprise, given the uncertainty in the market over the impact of the 5 December EU-Russia crude oil import ban and the G7 price cap," Ann-Louise Hittle, vice leader of macro oils at Wood Mackenzie, mentioned in an e-mailed note.

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