Crude Oil Price Surges Barely 24 Hours After Production Cut
Crude oil price Surges in international market.
As predicted by analysts, the price of crude oil at the international market has increased.
Late Monday afternoon, Brenton rose from around $70, lowest in more a year, to stand at & 84.7 per barrel, $1.7 more than the earlier predicted margine of $80.
Members of the OPEC+ group, alongside a few other producing nation's, voluntarily slashed their production levels on Sunday, a day before their scheduled virual meeting of the Joint Ministerial Committee.
In a statement, the group announced that the committee reviewed January and February 2023 crude oil production data and noted the general conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation.
The statement added that the members of the JMMC reaffirmed their commitment to the DoC, which extended to the end of 2023 as affirmed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, urging all participating countries to achieve full compliance and adherence to the compensation mechanism.
“The meeting noted the following voluntary production adjustment announced on April 2, 2023 by Saudi Arabia, 500,000bpd; Iraq, 211,000bpd; United Arab Emirates, 144,000bpd; Kuwait, 128,000; Kazakhstan, 78,000; Algeria, 48,000; Oman, 40,000; and Gabon, 8,000bpd, starting from May till the end of 2023.
“The above will be in addition to the announced voluntary adjustment by the Russian Federation of 500,000bpd, until the end of 2023, which will be from the average production levels as assessed by the secondary sources for the month of February 2023,” it stated.
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