12.01.2021. / 16:41
NEW YORK – Oil prices on the world market are rising today after Saudi Arabia announced that it plans to reduce daily production by an additional million barrels per day in February and March in order to prevent the accumulation of stocks.
In London, the price of Brent crude oil from the North Sea rose by 74 cents or 1.4 percent and is now $ 56.45 per barrel.
In New York, the price of light crude oil is higher by 89 cents or 1.7 percent and amounts to 53.14 dollars per barrel.
“Saudi Arabia ensures, through its additional voluntary reduction in daily production, that the market, if nothing else, is under-supplied.” believes market analyst Eugene Weinberg from “Komercbank”.
Saudi reduction of daily production is part of the agreement between the members of the Organization of the Petroleum Exporting Countries / OPEC / and their allies to maintain stable production during February.
Record cuts in OPEC members and their allies over the past year have allowed oil prices to recover from a historic drop in April. Roe deer
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