Brent crude exceeds $90 for the first time since last November
Tokyo – Reuters
Posted on: September 05, 2023: 08:00 AM GST Last updated: September 05, 2023: 06:22 PM GST
Oil prices jumped about 2% today, Tuesday, after Saudi Arabia and Russia announced a new extension to voluntary production cuts, extending the cut, amounting to 1.3 million barrels per day in total, for another three months, until the end of December.
By 13:34 GMT, Brent crude futures for November delivery rose $1.44, or 1.6%, to $90.44 a barrel, surpassing the $90 level for the first time since last November.
US West Texas Intermediate crude futures for October delivery increased $1.85, or about 2%, to $87.4 a barrel.
And the Saudi Press Agency stated, today, Tuesday, that Riyadh’s decision to extend the voluntary cut of one million barrels per day will be reviewed monthly to consider increasing the cut or boosting production.
The kingdom was widely expected to extend voluntary oil cuts until the end of October.
Russia, a member of the OPEC+ alliance, also extended its voluntary cuts until the end of the year.
Russia, the world’s second largest oil exporter, decided to reduce its exports by 300,000 barrels per day during that period. Moscow is reducing production and exports in conjunction with Saudi Arabia, in addition to the current supply cuts by the OPEC + alliance.
2023-09-05 14:22:41
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