Oil Prices Rise on Optimism of OPEC+ Alliance Extending Production Cuts

Oil Prices Rise on Optimism of OPEC+ Alliance Extending Production Cuts

Mubasher: Oil prices rose at the settlement of trading today, Thursday, with market optimism that countries from the “OPEC +” alliance will extend implementation of decisions to voluntarily reduce crude production and exports, before their upcoming meeting.

The Saudi Press Agency quoted an official source in the Ministry of Energy as saying that Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July, for another month, to include the month of September, with the possibility of extending or extending and increasing this cut. The Kingdom’s production in September 2023 is approximately 9 million barrels per day, according to the Middle East News Agency.

Moscow announced the extension of the decision to cut oil supplies voluntarily to include next September, and Russian Deputy Prime Minister “Alexander Novak” said, during statements to reporters, that his country will reduce oil exports by 300 thousand barrels per day next month.

The markets are awaiting the meeting of the “OPEC +” Joint Ministerial Monitoring Committee, Friday, via the Internet, to assess the market situation and assess the impact of supply cuts.

Brent crude futures for October delivery rose, upon settlement, by 2.35%, equivalent to $1.94, at $85.14 a barrel, after it recorded $82.36 during the session.

The price of US Nymex crude for September delivery also rose by 2.6%, or $2.06, to record $81.55 per barrel, after it touched $78.69 during trading.

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2023-08-03 20:20:44
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